I'll repeat again for those who aren't reading. "I, and to the best of my knowledge no one on this list, ever said this was a good plan."
That said, to address the points above:
1. It won't work to do what exactly? It won't work is too vague to be meaningful. It won't slow a precipitous slide downward to prevent a complete collapse until the next US administration can address the problem more fully? I believe it will do just exactly that. Why do you believe otherwise if indeed you do? 2. Yes it does but by design. It is a temporary patch to leave addressing the underlying problem to the next administration. 3. Possibly yes, possibly no. For some no doubt but for others it won't. If rewarding a few firms that acted irresponsibly because of stupid ideas promulgated by the current administration today prevents a near complete collapse in the financial markets it's worth it. 4. Let's not worry excessively about moral hazard right now. 5. Not exactly but even it is were if it patches things up to buy time for a more complete overhaul for the next administration it is worth it. 6. No, it does nothing either way about the US dependence on credit. 7. Good, the current administration is full of clowns. Postponing the real work for a more competent (Obama) administration is a fucking great idea. 8. Less than doing nothing. 9. Less than doing nothing. 10. Less than doing nothing. With regards to these last three the overwhelming opinion from overseas is that doing nothing is more damaging to the US (and everyone else) than passing this bailout.
You use the tools you have. This administration was NOT going to offer a better tool within the time-frame required. If you believe otherwise you may as well believe in elves. Analogy, if your fuel tank is leaking better to put a dab of clay on the leak and drive to a repair station than stop on the side of the road waiting for a new fuel tank to wander by. Clay is a shitty repair for a fuel tank but it beats doing nothing.
John Thornton