Financial Bailout, Obama-style.

[SirNitram]

In lieu of lots of buzzwords or 'Obama has already lost' rhetoric from a media whose shown their disdain already, I will use the words of Nobel Laurete Economist Paul Krugman.

Warning: Wonk Ahead.

[quote]An old joke from my younger days: What do you get when you cross a Godfather with a deconstructionist? Someone who makes you an offer you can’t understand.

I found myself remembering that joke when trying to make sense of the Geithner financial rescue plan. It’s really not clear what the plan means; there’s an interpretation that makes it not too bad, but it’s not clear if that’s the right interpretation.

The plan deserves praise for what isn’t in it, at least as far as I can tell. There doesn’t seem to be provision for mass purchases of toxic waste at premium prices; there also doesn’t seem to be a massive “ring-fencingâ€

[frigidmagi]

Privatize profit, socialize risk, tovarishch. You don't want to be an enemy of the people do you?

Seriously though, I'm willing to trust the Pres on this. He hasn't fucked us over yet has he? Although I really wish I could see a repel of the Patriot Act.

[General Havoc]

One thing at a time, gentlemen, one thing at a time.