On the Volokh blog, David Bernstein writes:

I suspect the bailout is a bad idea, on a variety of grounds. ... On the other hand, as distasteful as the bailout is, if (and that's a very, very, big if), as a practical matter ... the alternative is a complete meltdown of our financial system, friends of liberty are in a bind; the bailout is awful, but the current power grab by Washington is nothing compared to what we could expect if, say, commercial lending virtually ceased, and the stock markets fell an additional 50%. I suspect that this dynamic explains why opposition in the libertarian blogosphere is relatively muted; we bloggers don't know how big a threat there really is to our financial system, nor do we know whether, if the bailout fails, whatever winds up happening instead, including future legislative action, will actually be better.

But we can't know this to be true. I still wouldn't push the bailout button.