Delaware Liberal

Wanna Get Depressed?

Read the last 15 or so posts at Eschaton about the Obama administration’s new plan to throw ever more money in the money furnace.

They are short.

Krugman:

This plan will produce big gains for banks that didn’t 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 won’t be able to come back to Congress for a plan that might actually work.

What an awful mess.

Bottom Line: Obama must think that rich people are the economy. Geither certainly does.

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