But I have a distinct memory of people selling me another bailout under the premise that if we didn't do this, the economy would collapse into a singularity. Yet the bailout isn't being used like it's supposed to, and somehow here we are. I think I can be forgiven for a little skepticism at this point.

The line to the Federal trough is now running clear around the block.

It is a LOT more appealing to companies/states/cities/you-name-it to get a fat check from the trough instead of having to make difficult decisions involving reductions, putting unions on a diet, mergers and takeovers, bankruptcy, or, God forbid, reducing CEO perks.

Now that we have the bailout as an option, it should surprise nobody that it's rapidly becoming the only option.