Lots of talk about the President's Speech last night, but I didn't learn anything I hadn't already learned or surmised on my own. I still am not sure how exactly Joe Sixpack will be impacted. But with regard to the bailout, it is clearly going to happen, that train has already left the station and is hauling a $700 billion train of momentum with it.
However, like Arnold Kling, I think it is being put together far too hastily. Yes, Congress is capable of acting quickly, but unless that act is something simple, i.e. a declaration of war, it is supremely incapable of doing big, complicated things very well.
See, for example, the Patriot Act.