Nate makes a fair point on the strategic perspective as far as Congress goes.
One way or another, Krugman's right. $775bn ain't gonna cut it. Now maybe Obama knows that, maybe he doesn't, but someone with his ear needs to sit him down and say, "Look, dumbass, if you pass a $775bn stimulus package, you're going to be a one-term president."
What form Geithner's reworking of the bailout bill takes, I don't know. It sounds like Geithner has the right idea -- to redirect the remaining $350bn to help for homeowners, aid to states and locals, and small business help. All good, and the saving grace so far. Still ain't enough.
The good thing is that the congressional Dems and even the press are pushing back pretty hard, and it does seem to have isolated the Republicans and made them almost irrelevant.
Conrad and Kerry both have Obama's ear, and I hope they'll clue him in. Conservatives want live babies so they can raise them to be dead soldiers. - George Carlin
Right now, getting the money isn't a huge problem, because the flight to safety has been so strong that rates are at ridiculously low levels. I suspect such large-scale borrowing will eventually result in long-term rates rising.
"Weimar" might merit some concern down the road, depending on the effects of the Fed going for a ZIRP, but quite the opposite is the concern right now. Conservatives want live babies so they can raise them to be dead soldiers. - George Carlin
As they say, we'll drive off that bridge if we come to it, Mary-Jo. Conservatives want live babies so they can raise them to be dead soldiers. - George Carlin
