Of course the federal bailout is all anyone's talking about today. I'm a smart cookie, but I don't pretend to be smart enough to understand (much less explain) all the in's and out's of what's cooking in Washington's financial stewpot.
No matter how the details shake out I think the bailout is a positive thing in the short term for regular folks. Once the bailout deal is hammered out people will at least know what they're getting. For sure, many people won't like the deal. It's impossible to craft a deal that would satisfy everybody. But in general I think fear of the unknown is worse for the local housing market (which is of course what I blog about, after all) than potential future dislike for a federal government program.