Stiglitz; "Fannie’s and Freddie’s free lunch"

When commentators as diverse as Willem Buiter, Marc Faber, and Joseph Stiglitz (to name a few) agree on something, whatever their shared opinion is probably merits consideration.

In this case, it's a cause near and dear to most readers' hearts, namely, that the rescue efforts orchestrated by the officialdom are poorly designed. They treat taxpayers shabbily, let current shareholders and incumbents off too easily, and have moral hazard written all over them.