From D-squared’s one-minute MBA, useful for “avoiding projects pursued by morons”, still a classic and worth heeding today:
1) Good ideas do not need lots of lies told about them in order to gain public acceptance.
2) Fibbers’ forecasts are worthless.
3) The Vital Importance of Audit.
If the bailout doesn’t meet these criteria, expect someone (like Daniel Davies) to come along in a few years and patiently explain to us how we got screwed.