TPMDC Morning Roundup
Geithner Unveiling New Bank Plan
Treasury Secretary Tim Geithner is rolling out the new bank rescue plan today, with a new op-ed piece in the Wall St. Journal explaining the workings of the Public-Private Investment Program, which involves the government partnering with private investors to purchase between $500 billion and $1 trillion in assets that are now clogging up the financial system. "Our approach shares risk with the private sector," Geithner writes, "efficiently leverages taxpayer dollars, and deploys private-sector competition to determine market prices for currently illiquid assets."
Obama's Day Ahead
President Obama and Vice President Biden will be receiving their economic daily briefing at 11:15 a.m. ET, accompanied by a media pool spray, with Treasury Secretary Tim Geithner, FDIC Chairwoman Sheila Bair, and Federal Reserve Chairman Ben Bernanke. Obama will also be speaking at 12:30 p.m. ET from the Eisenhower Executive Office Building, delivering remarks on clean energy and proposed investments in new technology included in his budget plan.
Biden's Day Ahead
Vice President Biden will be meeting at 3:45 p.m. ET with French Prime Minister Francois Fillon. The two could potentially discuss the recent push by French President Nicolas Sarkozy for greater international regulation of the financial markets.
Obama: "There's Gotta Be A Little Gallows Humor"
In his interview on 60 Minutes, President Obama was asked at one point whether it was appropriate to joke about the country's economic problems. "There's gotta be a little gallows humor to get you through the day," Obama explained. "You know, sometimes my team talks about the fact that if you had said to us a year ago that the least of my problems would be Iraq, which is still a pretty serious problem, I don't think anybody would have believed it."
Obama: "I Fundamentally Disagree With Dick Cheney"
Also during his interview on 60 Minutes, President Obama fired back at the national-security criticism coming from Dick Cheney. "I fundamentally disagree with Dick Cheney. Not surprisingly," said Obama. "You know, I think that Vice President Cheney has been at the head of a movement whose notion is somehow that we can't reconcile our core values, our Constitution, our belief that we don't torture, with our national security interests. I think he's drawing the wrong lesson from history."
NYT: Obama Leading During War, But Not A "War President"
The New York Times points out that President Obama is balancing the needs of the economy and national security in a different manner than George W. Bush did. Obama has added a daily economic briefing, along with the national security briefing, and the economic briefing itself usually comes first in the day. "Mr. Obama, of course, leads in very different times," the Times notes, contrasting the country's situation after 9/11 with the economic crisis right now.
EFCA Backers Reject Corporate Alternative
The Hill reports that Democratic backers of the Employee Free Choice Act are rejecting an alternative plan being put forward by a business coalition that includes Costco, Starbucks and Whole Foods. "This proposal is unacceptable. It was written by CEOs for CEOs," said Rep. George Miller (D-CA) and Sen. Tom Harkin (D-IA) in a statement. "It is not a serious attempt at labor law reform because it fails to fundamentally address key problems that currently prevent workers from being able to join together and bargain for a better life."
| TOPICS: Bailout, Barack Obama, Dick Cheney, EFCA, Joe Biden, Timothy Geithner, Torture
Josh
Matt
Eric
Brian
TPM following Politico about Obama laughing on 60 Minutes. He wasn't laughing about the economy; he was laughing about the fact that only 17% are in favor of the auto bail outs, said they were the only people less popular than the banks!
Politico is distorting that tiny segment to make it seem as if Obama was laughing at the ongoing suffering and everybody else, including The Page and TPM picks it up. In a 30 minute interview, you choose to focus on something silly like that.
March 23, 2009 9:14 AM | Reply | Permalink
I keep waiting for TPM to regain some perspective but I guess I'll keep waiting.
March 23, 2009 10:06 AM | Reply | Permalink
Perhaps TPM is becoming large enough so that it is being assimilated by the Washington news media Borg. That's one possible result of hiring experienced journalists out of the D.C. culture instead of just growing all of your own from interns.
Pure speculation on my part, of course.
March 23, 2009 3:06 PM | Reply | Permalink
Yeah, I've noticed this also. Financial success can ruin perspective sometimes turning it to being overly cautious.
March 23, 2009 4:38 PM | Reply | Permalink
PLEASE PLEASE PLEASE
Can you please take down that picture of Michelle Backmann at the top of this page. I gag every time I see her image. She needs to be in an asylum, finger painting while in some thorazine mist. Cruelty to the mentally challenged by going along with their fantasies (like making her a real representative) will not go unpunished. Just give her back her piece of felt and pet mouse and leave her alone. Putting her picture up here is just gross.
March 23, 2009 5:29 PM | Reply | Permalink
I watched the whole interview. Considering the extremely serious situation the economy is in I have no need of a leader that's giggling and laughing excessively in an interview. I need someone with strength, balls and the will to do what is right. Obama ain't it.
March 23, 2009 10:20 AM | Reply | Permalink
you "we have nothing to fear but a lack of fear itself" yeah, run with that one.
March 23, 2009 10:24 AM | Reply | Permalink
"strength, balls and will", huh? nothing boring like "empathy" or "sense" -- sounds like you miss a certain flightsuited cowboy.
March 23, 2009 10:29 AM | Reply | Permalink
To do what's right. I'll add common (economic) sense.
March 23, 2009 10:31 AM | Reply | Permalink
Hope you bought a round trip ticket.
March 23, 2009 2:48 PM | Reply | Permalink
Exactly benjoya. When GWB is in office it doesn't matter if he can speak English as long as everyone wants to have a beer with him. Obama acts like a human being and a confident leader and the press hunts for trivial garbage to boost their ratings. It's utter nonsense. My $.02 = either stop watching MSM political shows or start responding by calling them out on their bullshit.
March 23, 2009 11:08 AM | Reply | Permalink
Excessively is the word. There was no excessive laughter.
That said, I'm concerned about actions and policies rather than if he follows the media's persciption of how he's supposed to act.
I know. Let's issue an edict that Obama must go into mourning and be excessively gloomy and dour until the Dow reaches 12,000. Of couse, he doesn't have to take any actions to help the economy. As long as he looks real sad, that's good enough.
March 23, 2009 10:29 AM | Reply | Permalink
If a president is laughing and giggling, I'm not going to take you seriously. That's not an effective way to sell your policies.
March 23, 2009 10:39 AM | Reply | Permalink
At this point, I think Obama is justified in not taking "concerned" advice from the armchair political strategists.
March 23, 2009 10:40 AM | Reply | Permalink
If you and the media want to be taken seriously, perhaps you should stop focusing on the 30-second gaffe out of a 30 minute substantive, informative interview.
It's equivalent to Bush's folks having a cow over Obama not wearing a jacket in the Oval office.
March 23, 2009 10:46 AM | Reply | Permalink
"30 minute substantive, informative interview."
Tell me, what's "the plan" to fix the financial system? Obama's had more more than 18 months to think about it (12 months since Bear Stern) and all they can come up with is a recycled "trash-4-cash" Paulson plan that's been in the bin for 6 months.
March 23, 2009 10:53 AM | Reply | Permalink
Substantive and Informative! Now those are relative term. How informed are you now that you know about Malia and Sasha cool new toy. Where Obama eat and sleeps and what he does on weekends. I'm dying to know what exercise equipment he's using in the morning.
March 23, 2009 10:59 AM | Reply | Permalink
Apparently you want to know these things since you watched the whole interview.
March 23, 2009 11:15 AM | Reply | Permalink
I wish there would have be advance warning. Something similar to a porn filter.
March 23, 2009 11:20 AM | Reply | Permalink
Here's your advanced warning: stop watching any of Obama's appearances since the first two months have made you declare his entire presidency a failure. Put yourself out of your misery. K?
March 23, 2009 11:25 AM | Reply | Permalink
"since the first two months have made you declare his entire presidency a failure."
You are being ignorant. Stop making assumptions, I never said that. My issue with his financial policy.
March 23, 2009 11:32 AM | Reply | Permalink
You ARE ignorant. Hey, don't you have some Krugman water to carry?
March 23, 2009 11:35 AM | Reply | Permalink
Oh, please stop, you guys.
March 23, 2009 11:45 AM | Reply | Permalink
Ok
March 23, 2009 11:47 AM | Reply | Permalink
Kinda like Bush, laughing and looking for the weapons of mass destruction under his desk...real serious, like that, huh? I agree with Obama's statement about gallows humor. Sometimes when faced with such huge obstacles as he is, if you don't laugh, you'll cry.
March 23, 2009 1:11 PM | Reply | Permalink
Sure it is when you are trying to relieve a public panic attitude. What a stupid thing to 'focus' on saying that Obama isn't acting serious enough.
March 23, 2009 4:47 PM | Reply | Permalink
OBAMA TOO SAD!!! STOCK MARKET GO DOWN!!!
OBAMA TOO HAPPY!!! ME GET OFFENDED!!!
ARGH!!!
March 23, 2009 10:39 AM | Reply | Permalink
There's a correlation between Obama's mood and the Dow? Only thing I've seen is the more he brown noses to Wall Street the more it goes up. Look at today; another trillion dollar donation to Wall street and Dow is up.
March 23, 2009 10:47 AM | Reply | Permalink
Maybe you are being deliberately obtuse, but the point was that the punditry bloviate about the market -- just liek you are doing -- and it is best to ignore the bloviators.
STOCK MARKET GO UP -- OBAMA TOO NICE TO WALL STREET!!!
STOCK MARKET GO DOWN -- OBAMA DONT HAVE DETAILED PLAN!!!
Whatever.
March 23, 2009 1:31 PM | Reply | Permalink
Sorry pal, you're 60 days in to a 1500 day term.
March 23, 2009 11:04 AM | Reply | Permalink
where in this morning roundup does TPM mention obama laughing??
TPM's focus is on obama's valid defense, not the silly charge.
your lazy knee-jerking prevents you from appreciating the distinction. and ironically makes you more guilty of spreading the drudge/politico laughing obama meme than tpm.
March 23, 2009 11:23 AM | Reply | Permalink
Wall St. Excesses Take Ultimate Toll: Manhattan Sold Back to the Indians
http://satiricalpolitical.com/?p=6641
March 23, 2009 9:17 AM | Reply | Permalink
As long as we get back those original colored beads and babbles, I'm all for it. Just think of what they would sell for auction at Christie's!
March 23, 2009 10:16 AM | Reply | Permalink
Is TPM becoming Politico and Drudge?
I didn't think the 60 minutes "laughter" was that big deal at all. Of course Scarborough/FOXNEWS/Drudge/Politico and now TPM is trying to make a big deal about it but I didn't see that at all.
Just SILLY.
Hello, the bank plan is what is the most salient freature here.
The major problem with it is this: Will Banks sell their toxic assets and will Buyers buy the toxic assets? If either does not than the plan will NOT get off the ground and if that happens than the government WILL have to go in and temporarily nationalize the banks which is what most people want them to do in the first place.
March 23, 2009 9:20 AM | Reply | Permalink
TPM seems all too happy to aid the white trash right in distracting people from the real issues. Maybe they're envious of Politico's page views?
March 23, 2009 10:42 AM | Reply | Permalink
From First Read:
*** Judge Drudge: If you’re asking yourself how some of the lengthy Obama interviews -- like Leno or “60 Minutes” -- get reduced into gaffes about the Special Olympics or whether or not President Obama is laughing too much, look no farther than Drudge. As he did during the general election, he has been working overtime to paint the current president in the most negative light. So far, with Obama’s approval rating in high 50s, low 60s, it hasn’t worked -- yet.
***
If blogs did their own thinking instead of just copying from other blogs, bullshit like this wouldn't be the focus of the day.
March 23, 2009 9:22 AM | Reply | Permalink
Last Gallup Poll which is the "gold standard" has Obama's Approval at 65% which is UP from a week ago which was 61%.
March 23, 2009 9:33 AM | Reply | Permalink
Oh wow link me to that one bro.
This is the exact reason the MSM still isn't connected to reality.
March 23, 2009 10:13 AM | Reply | Permalink
Context is everything. He was laughing how Iraq is no longer the most difficult issue he has to deal with. This is sloppy reporting. Shame on you.
March 23, 2009 9:36 AM | Reply | Permalink
And the MSM wonders why readership is so low causing many to shut their doors.
March 23, 2009 10:19 AM | Reply | Permalink
Freerider,
Don't take my last comment as a criticism against but this whole gotcha game they are playing.
March 23, 2009 9:38 AM | Reply | Permalink
This is one where a meta-story about the attempt of the Drudge/Politico/Fox Axis of Banality attempt to portray him in a false light would have been better than than merely answering and correcting it--as I think they tried to do.
However, its Monday morning and its always been clear to me that the TPMers need their caffeine, so I'm cutting them some slack.
March 23, 2009 10:11 AM | Reply | Permalink
That would take time and effort. It's much easier to just copy and paste.
March 23, 2009 10:29 AM | Reply | Permalink
You're the expert. I wish you'd tell us how to do that.
March 23, 2009 6:35 PM | Reply | Permalink
It's anything but a compromise. It rejects two of the three main pillars behind EFCA: the right of workers to decide whether to pursue unionization through majority card sign-up or an election -- it leaves this decision in the hands of management where it does not belong -- and binding arbitration. In fact, the CEO of Whole Foods actually said that binding arbitration is "not the way we normally do things in the United States." Really? Tell that to the credit card companies that demand cardholders agree to binding arbitration. Or to what I'm guessing is a large majority of the private contracts signed in the United States.
Plus, Starbucks and Whole Foods might have a reputation as "progressive" but when it comes to unions, they are anything but.
Costco has good labor relations -- proving that the Wal-Mart model is not necessary to make be profitable -- but I'd bet almost anything that their contracts have binding arbitration for resolving grievances and other disputes.
March 23, 2009 9:29 AM | Reply | Permalink
I think what you are missing is this plan is not against Obama's better instincts. After watching him over the last year, this is exactly what I would expect Obama to do. He believes that nationalizing or putting these corporations into bankruptcy should be the last resort, not the first. This is the direction he has discussed since the crisis hit--long before Geithner was named head of the Treasury. People are blaming Geithner for this because it's easier than admitting that they have lost confidence in Obama after only two months in office. He still has my confidence, and I appreciate most his pragmatic and realistic analyses and his focus on keeping the regular folks employed. Obama gets how important that is.
March 23, 2009 10:52 AM | Reply | Permalink
My fear after reading the many great posts on this site, as well as Krugman, Kuttner and others, is not that this is President Obama's Katrina (as Frank Rich wrote yesterday in reference to the AIG bonus scandal) but that it's his Bay of Pigs.
Of course, it's not as bad -- no one's getting killed, the risk of nuclear war is not being heightened, etc. -- but it's like the Bay of Pigs in the sense that a new president is following the advice of the "experts" perhaps against his own better judgment. Obviously, I hope I'm wrong about this, but it's what I fear.
If so, I hope Obama follows the Kennedy model -- admit mistakes, get rid of the offenders, start following his gut instincts and start relying on advisors (e.g., Volcker) who are not complicit in the mistakes of the past.
March 23, 2009 9:35 AM | Reply | Permalink
Wasn't Bush whacked by the Left when he talked about following his gut? No one should be following their gut when it comes to finances or the economy - the facts and numbers are right there in front of you.
March 23, 2009 9:44 AM | Reply | Permalink
Somehow, I just have a lot more faith in Obama's gut instincts than Bush's.
March 23, 2009 9:47 AM | Reply | Permalink
Just wait another year. Your sentiment will change. I still have hope for you?
March 23, 2009 10:27 AM | Reply | Permalink
Go tell that to the repuglican gov's refusing stimulus monies - they're following their guts without the benefit of their brains. Perhaps, Obama should have included funding in the stimulus creating economic seminars for gov's to attend in order to learn about how economics works and the role the national government plays to keep the economy from coming to a complete halt.
March 23, 2009 10:25 AM | Reply | Permalink
I don't understand why the media is so bothered or in awe of his calm demeanor. The entire world is relying on this guy to stay focused - should he be crying, shaking, confess to taking antidepressants?
March 23, 2009 9:36 AM | Reply | Permalink
Did anyone catch how Obama stiffened up when he was asked about Dick Cheney? I get the feeling that he doesn't like Cheney very much, even before his comments about Obama's decisions.
March 23, 2009 10:02 AM | Reply | Permalink
Ever notice how the audience in the movie theaters reacted to Darth Varder when he first appeared in Star Wars?
March 23, 2009 10:28 AM | Reply | Permalink
You mean there are people who like Darth Cheney?
wow.
March 23, 2009 10:30 AM | Reply | Permalink
What part of Obama got stiff?
You got the impression that anybody liked Cheney?
March 23, 2009 10:43 AM | Reply | Permalink
please don't talk to me.
March 23, 2009 11:00 AM | Reply | Permalink
But it's ok for you to talk to me?
March 23, 2009 11:07 AM | Reply | Permalink
"He is too pessimistic, he is too optomistic, he is too calm, he doesn't care, he thinks this is a joke, he is doing too much, he isn't doing enough."
Is that all? I promise if I see Chip Reid, anyone from Fox, and that bald headed guy from politico I am punching one of them in the face for being propganda machines instead of REPORTER REPORTING THE DAMN NEWS.
March 23, 2009 10:17 AM | Reply | Permalink
I swear the commentary is getting to the point where if they started covering what he ate each day we would start hearing stuff like "That's too spicy! How can he solve the economic crisis on that kind of food!"
Oh wait. They already did that.
With the beer.
urgh.
March 23, 2009 10:47 AM | Reply | Permalink
Obama vs. MSM
Obama 127
MSM 0
He's still in the lead by my tally.
March 23, 2009 10:42 AM | Reply | Permalink
I am happily headed to Vegas this weekend to play a little Pai Gow Poker, watch (and bet modestly on) basketball, and get away from the news.
There is much rending of garments and gnashing of teeth and wailing and such and such in the media, because the media is white hot focused on Obama and Geithner, and while I think that the white hot focus is understandable, I also think that it is far too impatient in tone and reason. And I think that has been true at TPM, as well. Better than most, but still.
Case in point: I was in Virginia Beach this past weekend, and I was playing golf with my Dad (he works there, so we play for free), and we were having breakfast at the clubhouse when a clatch of old white men at the next table, probably retired military, were gabbing about Obama and the economic situation.
And one of the men, one of the younger ones, said--I swear to God--"It's just getting to a point where you can't be white and successful in this country anymore," and three of the five at the table immediately raised objections, and one of the men said, "Look, this guy [Obama] has more shit facing him than any President I can remember, and I'm willing to cut him a lot of slack to untie this mess. And if he gets it wrong here and there but can still get it fixed down the road, then fine by me."
This from five old white men at a country club in Virginia Beach.
My uncle, who was golfing with us, is an electrician who is about to be laid off from his job in Ohio. He heard what the man said, and said to my Dad and me, "That's goddamned right. Give the man a chance or two before we start beating him up."
The media has pitchforks out, and I wonder whether they are reporting on the mob or helping to egg it on. Probably a little bit of both.
In any event, I am looking forward to a few days without media of any kind, unless it is Greg Gumbel coming on to tell me Memphis just won.
March 23, 2009 10:46 AM | Reply | Permalink
Lars, I think you're right. The media is simply trying to feed that ravenous 24/7 beast and if they have to feign outrage and focus on gaffes or missteps, no problem.
I sincerely think most people have more patience and perspective than the folks on Cable News.
I was at a dinner party over the weekend. A few moderate republicans were there. A friend who knows I'm a big Obama supporter joked "are you upset that the president is a screw up?" The Republican woman overheard that and jumped in and said "who? THIS president? He's not a screw up! Give him some time and let him try to fix this shit!"
March 23, 2009 10:52 AM | Reply | Permalink
Lasse, I agree with the notion that we should cut Obama some slack. I agreed that a stimulus plan was needed, but it was too small and filled with too many tax cuts. (i) his eye has been off the ball with AIG, the hedge fund should have been put in receivership a long time ago (and could have been in February). I just can't cut any slack with his inability to deal with the zombie bank. He's taking us down the road already traveled by Japan. And his judgement is off by picking larry Summers and Tim geithner. The trash-4-cash program is doomed to fail.
March 23, 2009 11:06 AM | Reply | Permalink
Since you're so incredibly prescient and all-knowing, I guess you made a fortune in the stock market and got out just in time? No?
March 23, 2009 11:18 AM | Reply | Permalink
Again assuming things. If I only had some money.
March 23, 2009 11:46 AM | Reply | Permalink
I think you like the other repubs are willfully ignorant of the substance of Obama's message and are trying to kick it as if it was a dying horse.
Well, it isn't , and weather you want or not you might have to admit that Obama was right.
Try to see the big picture Obama is looking at.
It's not civil to kick horses especially if you think they are dying.
March 23, 2009 12:18 PM | Reply | Permalink
Not only inherited this major crisis but all the thugs that made it happen. From every department Bush dumped incompetents into, most of them are still there. To de-republicanize or de-Bushify the Bush government will take years and all the private interests cultivated by it have cash in hand to prevent jeopardizing their holdings or the manner in which they operate.
These wealthy few are still trying to figure a way to own their own private army...they already own their own economic army. They figured military action was less efficient than their economic control. They have been buying up our government institutions for the past 8yrs. It will take awhile to get our DoJ working again. These are the people surrounding the Obama administration. It really is our last chance to restore our democracy from a corporatocracy. Obama is against the greatest of odds. This is the line in the sand. We will change one way or another.
Yeah...I cut Obama a lot of slack right now.
March 23, 2009 5:18 PM | Reply | Permalink
I like you, Lars. And I am jealous of your weekend plans. I'll be in my own version of the Sportsbook at the Bellagio, my living room, with a laptop and a cold beer.
March 23, 2009 11:07 AM | Reply | Permalink
I think MSM reporters are just bitter Obama is going to raise their taxes. Maybe that's were all their whining comes from.
March 23, 2009 10:56 AM | Reply | Permalink
I don't think even Drudge would have a headline "Geithner's Last Stand?".
March 23, 2009 11:08 AM | Reply | Permalink
What's happened to TPM? We miss Greg Sargeant.
March 23, 2009 11:32 AM | Reply | Permalink
Second this, multiple times.
March 23, 2009 11:47 AM | Reply | Permalink
LOL. I remember when many TPMers were bashing and giving GS a hard time, but you're right.
March 23, 2009 1:38 PM | Reply | Permalink
TPM has been pretty crappy the past few weeks.
Where is the perspective and savvy?
Do not become some pantomime of Politico (which many of your bloggers check far too often for ideas)
March 23, 2009 11:22 AM | Reply | Permalink
Yeah, it's getting disappointing these days. TPM used to be my first stop in the morning, but not really now.
March 23, 2009 11:47 AM | Reply | Permalink
I'm afraid I agree. If I'm going to get Politico-lite, why not just go for the full strength version?
March 23, 2009 11:52 AM | Reply | Permalink
I've warned TPM for months about checking what Politico is saying. They often link to and reference the latest rightwing memes out of GOPolitico, and I find that as sleazy and stupid as all the traditional newsrooms which keep refreshing Drudge.
TPM needs to keep its wits about it and steer clear of the latest round of MSM bullshit smoke and mirrors.
March 23, 2009 1:37 PM | Reply | Permalink
ha I get that impression too Mike, especially from Chris Matthews. Everytime he talks about the tax hike his face turns red. But I believe the Republicans have gone overboard and by not allowing Obama any honeymoon period a lot of people are going to be turned off by their constant attacks on the president.
March 23, 2009 11:28 AM | Reply | Permalink
Q)What does Krugman and Limbaugh have in common?
A)They both want Obama to fail.
What happens if it works Paul? Will you give back your Nobel? Krugman has really gone "all in" in his outright opposition to Geithner and his constant criticism, emboldened by his Nobel, is really getting tiresome.
Krugman doesn't want the plan to work, because then he's economic genius star will dim. It's one thing to critique via peer review in academia, but to be doing such in the NYT sabotages the effort.
The Right doesn't really give a damn about Geithner, because they know Obama would name a very similar thinker to replace him, they just want to damage Obama politically. The Left, well they never liked Geithner to begin with and some how think that Obama will drop Geithner and name a progressive to the post - which ain't gonna happen.
It's become comical - who said Obama isn't a uniter? He united the progressive left with the radical right.
March 23, 2009 11:42 AM | Reply | Permalink
Krugman has been negative towards Obama for over a year at this point, and I tend not to have a problem with that. He's a columnist, and he's going to have opinions, and frankly, those opinions tend to be significantly more thoughtful and reasoned than say, those of MoDo, who had another inane column this weekend.
My objection to Krugman is that he criticizes, without offering an alternative course of action. (Well, something more detailed than "do what Sweden did, and not what Japan did").
When I find Thomas Friedman more reasonable than Paul Krugman, something weird is going on. And for two Sundays in a row, Friedman has sounded more reasonable than Krugman in his two Monday columns.
March 23, 2009 11:50 AM | Reply | Permalink
Just to remind you:
Take over the banks, put them in receivership, split the bank in a "good part" and a "bad part". Sell the good, working bank to the public sector. The bad part, hang on to the assets and sell them within 10 years.
March 23, 2009 11:59 AM | Reply | Permalink
I don't remember reading that in his Times column. Was it on his blog?
And if it was in the Times column, do you have a link?
March 23, 2009 12:14 PM | Reply | Permalink
So you are equating Krugman with Limbaugh? Sorry, that's goddamn insane. You can disagree with Krugman all you want, but at least try to rebut his arguments with reasons and evidence instead of making assumptions about his motives.
March 23, 2009 11:53 AM | Reply | Permalink
You can't rebut Krugman's arguments because he never offers any. He only says "this is bad." "This is a failure." "Obama is wrong." "I'm in despair."
Krugman is an ideologue and his entire economic life has been theory. He has NEVER had to govern and/or deal with the political realities of what's possible. He faults Obama for not being the King of the US and issuing fiats or waving a magic wand to get every thing on the progressive agenda.
I wish people would keep in mind that his Nobel was for a trade theory from 15 years ago! Trade. Theory. 15 years ago. None of that is relevant to what we're going through now.
March 23, 2009 12:06 PM | Reply | Permalink
Yeah, I've tried that on Krugman's heavily censored blog. Apparently, the only comments that are approved are ones that begin, "Dear Professor Krugman, You are right on virtually everything, and I hate to quibble, but I respectfully disagree on one small point ...."
As for rebutting with evidence and not ad hominem, I only point you to Krugman's unhinged serial attacks on Obama supporters as a "cult", apparently because too many of those pesky Obamaniacs were emailing Krugman (and without all the flowery praise, no doubt). Not so evidence based then, was he?
Krugman's great sin is that he is supposedly one of our greatest economists, and yet didn't warn often or loud enough about the catastrophe we are facing. And when it hit, he didn't have many good answers for people desparate for guidance.
His Swedish model will cost just as much to tax payers -- nationalization means the government suddenly owns these banks completely, including all their toxic trash -- and Obama has pointed out that Sweden had far fewer banks, like 5 or 6. I'd love to see substantive rebut of Obama's view on this rather than emotional critiques about "despair".
March 23, 2009 1:59 PM | Reply | Permalink
Wrong answer. Why would Krugman want Obama to fail? yes, Limbaugh is an idiot. You have very few economists supporting the Geithner plan. Please list their viewpoints, I'm more than open to understand why this path is the best solution for the taxpayers.
March 23, 2009 11:53 AM | Reply | Permalink
Krugman has been bashing Obama since early in the primaries. He was a Clintonite and miffed that his future job prospects were dashed. Most of us here on TPM remember Krugman's emotional blowup off Obama and how unhinged and unprofessional it was. He even fed Rush Limbuagh some good memes about Obama-supporters being a "cult" for daring to cirticize the good professor.
Short memories ....
March 23, 2009 1:33 PM | Reply | Permalink
Do you really think Obama became president of the United States in November and listened to one (or two) economist's plan on how to get us out of this crisis? As president he has access to economists all over the world, but Obama listened to Geithner and said "yeah, I don't need to hear anymore, I'm going with your plan and staking my presidency and the total stability of our nation on it." That's just ridiculous. Obama obviously took many economists' advise and talked to world leaders before he decided on this policy. And Geithner probably isn't in total agreement with Obama's policy anymore than Clinton is in total agreement on state policy. But Obama is the president and he sets policy. So to say Geithner alone has decided on this direction is just being single-mindedly prejudice.
March 23, 2009 1:44 PM | Reply | Permalink
Klein's piece about reconciliation process (which needs 50votes which Judd Greg was all for when Bush was Pres) and the filibuster in which 40 senators can block and defeat any legislation they want stopped, fails to include the fact that these filibustering senators don't have to talk or say a word. They just have to have one person there to ask if there is a quorum any time there is a request to end debate or discussion. The piece also fails to mention why health care and energy issues will never get passed because of the "abuse" of the filibuster by obstructionist republican senators unless they are presented under the reconciliation process.
This is why 15 so called "centrist" senate dems are threatening to join these repubs just so they can obstruct this legislation even if presented under the reconciliation process. Our bought and sold senate is now set up so the minority can dictate failure on 2 of the most important issues our nation faces...completely obstructing the will of the majority of Americans.
Democrats being betrayed by members of their own party on issues more important than the senate itself. The only way this will change is by public outrage. Are there many senators who are not millionaires because that is who they are most concerned with representing and protecting.
March 23, 2009 2:48 PM | Reply | Permalink
Michelle Backmann is insane. Could you see her married to Glenn Beck? An Asylum match for sure.
I don't care if Krugman went off on Obama during the campaigns...it doesn't change his observations of our current predicament and what works and what doesn't. Naomi Klein warned us also during the campaigns about these economic "Chicago boys" like Rubin and Summers and Geithner and their failed economic approaches. Who went to Canada and denied there would be any changes to our trade agreements...that it was just rhetoric from Obama to gain supporters?
This economic disaster is designed to rob the treasury of necessary funding for social programs, energy and climate change, plus national health care. Notice how the minority is still calling most of the shots about what gets passed in the senate. The 2% of those extremely wealthy Americans have a class war on their hands. They've been exposed and now MUST be regulated and we NEED to roll back the 'Reagan" tax cuts which has been starving the treasury so we can't even rebuild our infrastructure. These greedy bastards can't even begin to regulate their greed so we must...even at the point of freezing their assets and confiscating their holdings. Bonuses hell, they've already taken millions. Now they need to pay.
March 23, 2009 4:33 PM | Reply | Permalink