Paul Krugman

The plan to clean up banking was leaked this past Friday and the reviews of the plan I have read aren't pretty. This is an area that I know very little about and don't really care to. I guess you could say that I enjoy the process more than the meat of things or probably more accurately you could say that I'm just not smart enough to figure it all out. I rely on guys like Krugman to guide my way and Krugman really doesn't like the plan.

Why was I so quick to condemn the Geithner plan? Because it’s not new; it’s just another version of an idea that keeps coming up and keeps being refuted. It’s basically a thinly disguised version of the same plan Henry Paulson announced way back in September.

This seems to be a common theme among those not liking the plan; it is too much like the Paulson plan.

I might be wrong on this, but I seem to remember Paulson bailing on his plan. Instead of buying up the crappy assests didn't Paulson simply try to inject more capital into the banks? So while this plan is similar to Paulson's, it wasn't really tried was it?

And since stuff like this is pretty boring...