The Big Steal: No Deal!

This is Arnold Kling, who used to work and Freddie Mac. (Yes that's one of the properties you have acquired in recent weeks. How do you like it so far?) While there, he was doing exactly the job that the Big Bailout would require to be done on an unprecedented scale: rationally valuing mortgage securities. He says that a) this cannot be done on that scale and with these particular assets, and b) the Big Bailout plan "could hardly be worse." Arnold elaborates on this here. (Hat-tip to Reason Hit and Run.)