Leave it to The Krugman. In one paragraph, he manages to easily explain what seems to elude the media. Why does each and every bank rescue plan from the Obama administration suck? Simple. They reward the crooks and screw the taxpayer.
Think of it this way: by using taxpayer funds to subsidize the prices of toxic waste, the administration would shower benefits on everyone who made the mistake of buying the stuff. Some of those benefits would trickle down to where they’re needed, shoring up the balance sheets of key financial institutions. But most of the benefit would go to people who don’t need or deserve to be rescued.