Obama has an op-ed in the Washington Post promoting his 'stimulus' package. Boilerplate bipartisan stuff David Broder could have written. The package is getting bigger by the day, but the effective part of - timely, temporary and targeted measures - is shrinking. The economic team Obama assembled is certainly proving that it is as bad as many have feared. 'Bad bank' plans and buying up 'troubled assets' are simply the wrong measures. Temporarily nationalize the banks under some bankruptcy rule. Write down their 'assets' to some realistic value, make the shareholders and debt-holders take the necessary big haircuts and in two a three years privatize those banks again.
Obama has an op-ed in the Washington Post promoting his 'stimulus' package. Boilerplate bipartisan stuff David Broder could have written.
The package is getting bigger by the day, but the effective part of - timely, temporary and targeted measures - is shrinking.
The economic team Obama assembled is certainly proving that it is as bad as many have feared. 'Bad bank' plans and buying up 'troubled assets' are simply the wrong measures.
Temporarily nationalize the banks under some bankruptcy rule. Write down their 'assets' to some realistic value, make the shareholders and debt-holders take the necessary big haircuts and in two a three years privatize those banks again.
