A group of 166 economists from around the country wrote a letter protesting the $700bn bailout plan. They say it is unfair to help risk-taking financial firms and not mortgage holders, unclear on what terms toxic assets will transfer from private institutions to the state, and that the bailout will damage the long run health of the financial system.

The letter offers no explicit alternatives, but implies that a better plan would have more support for mortgage holders, clearly define the contracts between the Treasury and private firms, and not abandon the free market principles that anchor the U.S. financial system.

Snapshot asks, what would their vision for the bailout plan look like?

Letter from Economists
Washington Post - Away from Wall Street, Economists Question Basis of Paulson's Plan
Bloomberg - Shelby Says Paulson Plan `Flawed,' Will Be `Doomed'
NY Times - A Pledge to Help That Hurts