Housing bailout

Jerry Pournelle opines, "What will be done must be decided by the most unpopular Administration in nearly a century in connection with the most unpopular Congress in history; and everyone involved in finding a remedy was in one way or another a part of creating the mess. . . . One thing is certain: the people who must pay for this debacle will largely be those who took out sensible loans and have kept up their mortgage payments; those who did nothing wrong, but will be handed the bill."