The trouble is that the sponsors of the bailout fund are themselves big debtors.
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They wrote that policymakers, using an expanded European bailout fund, could end the Greek panic by offering to swap existing Greek bonds for newly issued bailout-fund debt at a steep discount.
President Barack Obama says there is no doubt that the European Union's agreement to slash Greece's debt and enlarge a bailout fund is progress.
Making the bailout fund bigger and loosening the terms under which it operates could free policymakers to actually cut into Greece's debt load, rather than simply delaying the reckoning.
The passage of the enlarged euro zone bailout fund last week by all 17 euro zone members is just the first step required to bring any sense of normalcy back to the continental capital markets.
This explains why it let the congressional bailout funds be used for equity purchases and not toxic debt.
At least three Democratic bills and one Republican measure were introduced to crack down on the Treasury Department and stiffen rules for recipients of bailout funds.
Since the bailout funds came from taxpayer dollars, it's easy to see how some would want to scale down bonuses at the rescued Banks.
The House tomorrow is to take up legislation that would impose a 90% tax on bonuses paid to top executives at AIG and other recipients of taxpayer bailout funds.