Tuesday, February 10, 2009

and look-ma-no-socialism-here contortions to avoid temporarily nationalizing insolvent banks

From Paul Kedrosky:

"
The Shorter Geithner Plan: Look Ma, No Socialism!

The Geithner non-plan TARP 2 plan is now (mostly) out, and it is about as complex, dubious, over-engineered and sketchy as expected. The non-plan plan -- Tim G. calls it a framework, which is offensive to frameworks -- involves enough moving parts to be an economist full-employment act. It is a druidic mixture of regulatory capture, cute grad-school theorizing, and look-ma-no-socialism-here contortions to avoid temporarily nationalizing insolvent banks.

Steve said it best: Real capitalists nationalize.

Me:

Don the libert Dem

Via Alphaville, I watched on the new website with a couple of friends of mine. I had no idea that Crow and Tom Servo knew so much about banking and finance.

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