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The plan is not two years too late. Two years ago (on October 1, 2008, to be precise) the plan would have been different, a straightforward regulatory intervention of insolvent banks, putting the banks in receivership, dismissing the management, and splitting the banks' good assets and important liabilities (i.e., deposits) into a going concern and the bad assets (plus any net equity of the good bank) and unimportant liabilities into an entity with the sole purpose of carrying out a bankruptcy liquidation.

Keynesianism is intellectually hard, as evidenced by the inability of many trained economists to get it - Paul Krugman
by Migeru (migeru at eurotrib dot com) on Fri Feb 4th, 2011 at 08:47:11 AM EST
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