How bad is it

There are a ton of insightful blog posts about whether or not the current meltdown is really bad or (as the Republican's would like us to believe)the coming of the Apocolypse.

Paul Krugman presents the case for skepticism.

Shorter Intertrons: They won't share the data they claim to have to support the Apocolyptic scenario and since it's the same guys that a) sold us the war and b) caused the mess regardless of how bad it is a gambling man would bet against Teh Apoco-meltdown.

Soundbite:

Good ideas do not need lots of lies told about them in order to gain public acceptance.~ Daniel Davies

Again, that's not to say it isn't bad. But based on the track record there's every reason to believe that their motivation isn't to rescue the economy but, as John Cole put it:

I vacillate between there being a very serious problem that needs a bailout and this being nothing more than a last minute attempt at looting on an almost hourly basis, although there may be enough evidence out there that a little bit of both is going on.

emphasis mine