I think it's too easy to fall into two exclusive, radicalized camps on this issue--especially considering there is a great undercurrent of unspoken agreement here that's being wholly supplanted by all the contentious threads and personality wars. I'm not exempt from that behavior, as anyone following my posts on the subject could easily prove. :P I've found, however, from talking more politely and concretely to people that in almost all cases their position isn't as simplistic and far from mine as I first imagined.
Every point of view on the bailout has at some time complained of being misrepresented. So what gets us all radicalized on both sides?
I'd argue that it's assuming intent. We assume we know exactly where a poster is coming from based on even the briefest and most general of posts. All too often even the most implicit tenor of being "for" or "against" prompts us to place a poster on one extreme pole of the debate, to which he or she likely doesn't even belong. This makes the discussion go too often like this:
Person 1: I'm terrified about this bailout not passing. There may be serious consequences to inaction.
Person 2: So you believe all the chicken littles claiming the sky is falling? Did you believe there were WMDs in Iraq too?
Person 1: I'm glad the bailout failed. It's wrongheaded and may make things worse.
Person 2: So you want a new depression? You want to fuck over the middle class?
Person 1 in both cases is saying nothing like what he or she is accused of saying by Person 2. Person 2 refuses in both cases to recognize a middle ground. Any argument that isn't perceived to agree wholly with Person 2's position is thrown all the way in with the most extreme form of the dissenting position. Then it gets yelled at. This strangles honest debate on the issue, as there is widespread middle ground here. Many recognize both that this bailout is extremely wrongheaded -and- that inaction carries with it significant risk.
In other words, Person 1 and Person 2 could agree on almost everything in both examples, but won't see it due to Person 2's knee-jerk caricatures of Person 1's position. This ramps up the stakes of what should be a friendly debate to the point that both sides are actively encouraged to misrepresent each other in a misguided attempt to "win" rhetorical points.
Let's not pretend we all fall into either one extreme position or the other. Let's not pretend that this is a black or white issue. When that's the basis for discussion, almost nothing worthwhile gets said.