Steven Landsburg concurs, separately. (With some interesting comments.)
John Berlau, writing on the Competitive Enterprise Institute"s blog, thinks the Poulson plan "would likely make mark-to-market and hence the credit crisis worse".
"How close was the financial system to melting down?" Supposedly, very close.
As I've seen several other economists propose, William Buiter suggests a mandatory debt-for-equity swap.
Did Fannie Mae and Freddie Mac cause the problem? Calomiris and Wallison say "yes". So does John Steele Gordon. (Love Gordon's crack: "Members of Congress — aided and abetted by their many waterbearers in the media — wonder why their collective approval rating is about on par with colon cancer’s.") James Hamilton says "maybe".
A child's guide to what happened to AIG. I like the Jenga analogy.