dagblog - Comments for "The Buzz for 2/10/09: (Geithner, Geithner, Geithner)"

just in case you haven't seen

Anonymous — Wed, 11 Feb 2009 07:05:57 +0000

In reply to Beat me to it. I think your

just in case you haven't seen this recap of the geithner plan - a great read. as is this piece by the same author.

http://www.nakedcapitalism.com/2009/02/bad-bank-assets-proposal-worse-than-you.html

Oh yuck

Bluesplashy — Wed, 11 Feb 2009 04:38:37 +0000

In reply to Alas, the irony markets are

Oh yuck

Alas, the irony markets are

Michael Wolraich — Wed, 11 Feb 2009 03:27:30 +0000

In reply to At least we'll always have

Alas, the irony markets are frozen too. During the Bush Administration, we consumed too much foreign irony, and domestic irony production withered. Worse, it seems that some of the Chinese irony we imported is tainted. Side effects include cretinism and bad puns.

At least we'll always have

Orlando — Wed, 11 Feb 2009 03:12:46 +0000

In reply to Good delivery but right now I

At least we'll always have irony.

Imagine all those stories just waiting to be written about how bankers ruined the financial system. Of course, we won't be able to afford the paper to write on. But hey, plucky American spirit can overcome that hurdle.

Good delivery but right now I

Bluesplashy — Wed, 11 Feb 2009 03:00:52 +0000

In reply to The Buzz for 2/10/09: (Geithner, Geithner, Geithner)

Good delivery but right now I have to time out on the economy. I just have a feeling those bankers are hiding a whole lot of scary stuff. I think we're screwed.

For the record, I wasn't

Michael Wolraich — Tue, 10 Feb 2009 20:46:26 +0000

In reply to Nice one. No head bobbing, no

For the record, I wasn't disagreeing with your demand for more info, just reacting to points 2 & 3 and your confidence that the market needs run its course. (I agree that it should be allowed to run its course but not to overflow the levees and flood the city.)

Nice one. No head bobbing, no

Michael Wolraich — Tue, 10 Feb 2009 20:34:00 +0000

In reply to The Buzz for 2/10/09: (Geithner, Geithner, Geithner)

Nice one. No head bobbing, no beard scratching, no nose picking, no glare, no slow-mo. Solid, professional delivery (though I miss some of the humor and bombast from the first day.) Video is still grainy. Hopefully, your snazzy new cam will take care of that, but I suspect that poor lighting may be contributing as well.

On substance, we've played out our differences before. If this is a normal recession, then fine, let the market deal with the market failures. But in a deflationary spiral, the market overreacts, and solid companies fail too for lack of credit and lack of buyers. Obama's advisors are afraid that such a spiral is a real possibilty. That's why the government is reacting so aggressively. But I'll let Obama speak for himself...

PS And yes, the government should also intervene during bubbles. That's the job of the Fed (to slow the economy by raising interest rates) and the SEC (to regulate trades and enforce transparency). But of course, neither agency did its job under an administration committed to deregulation and uncontrolled to markets. To be fair, the Clintion administration had a poor bubble record as well. Too few people recognize bubbles for what they are, and no one wants to be a party pooper, so they don't intervene unless there's inflationary pressure.

Beat me to it. I think your

DF — Tue, 10 Feb 2009 20:13:17 +0000

In reply to The Buzz for 2/10/09: (Geithner, Geithner, Geithner)

Beat me to it. I think your analysis is pretty comprehensive. In fact, compared to the "plan" it's downright thorough.

One thought: It seems to me that, as Krugman observed, the Obama administration is going to great pains to avoid anything that even smells like nationalization. Simply put, if the majority of the domestic banking system is indeed insolvent, this is unavoidable. I'm concerned as you are that they're trying to figure out a way to restore the halcyon economy and that, in the process, we'll waste a shitload of money.

Robert Reich said he thought that the stimulus package was an A-. The banking side of the equation is a C- at best right now.