This plan looks to have support in both parties. I don't doubt it with an election coming up. Support probably divides evenly down who is facing a tough reelection and who isn't. I think writing a blank check to Bush to bail out banks is a little over-reactive. I don't mind the AIG situation but that sort of thing should be a lot more special case than a norm.
Here's the most sane comment in the linked article:
Sen. Jim DeMint (R-S.C.), a member of the Joint Economic Committee, told the Los Angeles Times: “What is missing from it and from the recent string of bailouts is a commitment to return to a free enterprise economy. ... What we need now is not what could be nearly a trillion dollars in new taxpayer bailouts but pro-growth policies that allow our markets to correct and start growing again.”
I think a few future bailouts are inevitable but a plan on how to learn from this situation is very much needed. What I'd really hate to see is an overreaction where we bail out everyone and then impose restrictions that erase any financial progress that was made in the past decade. Obviously a lot of ideas didn't pan out but a lot of things did. Babies and bath water are... no, wait a minute... you could stick your head up a butcher's... no, you're the butcher... Oh, you get the idea.