So Many Plans!
Commentary lists here and here, from Greg Mankiw.
I won't say every plan is better than the Senate bill--that Hubbard-Mayer idea, for instance, seems like a huge, unnecessary subsidy for people like the Postrels, who have lots of equity in their houses but would save money by refinancing at 5.25%--but that political Frankenstein isn't hard to beat. At this point, I'm leaning toward the do-nothing camp. Either that or concentrate entirely on shoring up commercial paper and other good loans. I'm afraid we'll wind up with the worst of all worlds: an incredibly expensive, distortionary bailout that doesn't solve the problem.