For those who think that every liberal worships the Obama Administraion, check this out.
See the whole blog entry here:The Geithner plan has now been leaked in detail. Itís exactly the plan that was widely analyzed ó and found wanting ó a couple of weeks ago. The zombie ideas have won.
The Obama administration is now completely wedded to the idea that thereís nothing fundamentally wrong with the financial system ó that what weíre facing is the equivalent of a run on an essentially sound bank. As Tim Duy put it, there are no bad assets, only misunderstood assets. And if we get investors to understand that toxic waste is really, truly worth much more than anyone is willing to pay for it, all our problems will be solved.
This plan will produce big gains for banks that didnít actually need any help; it will, however, do little to reassure the public about banks that are seriously undercapitalized. And I fear that when the plan fails, as it almost surely will, the administration will have shot its bolt: it wonít be able to come back to Congress for a plan that might actually work.