Editor's note: Jeffrey A. Miron is senior lecturer in economics at Harvard University. A Libertarian, he was one of 166 academic economists who signed a letter to congressional leaders last week opposing the government bailout plan.

"This bailout was a terrible idea. Here's why.

"The current mess would never have occurred in the absence of ill-conceived federal policies. The federal government chartered Fannie Mae in 1938 and Freddie Mac in 1970; these two mortgage lending institutions are at the center of the crisis. The government implicitly promised these institutions that it would make good on their debts, so Fannie and Freddie took on huge amounts of excessive risk."

Never trust Bush when he tries to scare you and it involves money. Or war. Or personal liberties. Never. Ever.

(What happened to "our" Libertarians, those people who have always said it's best to let a rotten ship sink and build a new one?)

Arf