<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/34fb2cb4-1a08-47c2-bc49-69eb0620b0ec/DBB15258-E792-4D45-8536-4CBD02AE168A/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://krugman.blogs.nytimes.com/2009/03/21/despair-over-financial-policy/?scp=1&sq=The%20Geithner%20plan%20has%20now%20been%20leaked%20in%20detail.&st=cse" href="http://krugman.blogs.nytimes.com/2009/03/21/despair-over-financial-policy/?scp=1&sq=The%20Geithner%20plan%20has%20now%20been%20leaked%20in%20detail.&st=cse" style="font-size: 11px;">krugman.blogs.nytimes.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://krugman.blogs.nytimes.com/2009/03/21/despair-over-financial-policy/?scp=1&sq=The%20Geithner%20plan%20has%20now%20been%20leaked%20in%20detail.&st=cse">The Geithner plan has now been <A href="http://www.nytimes.com/2009/03/21/business/21bank.html?hp" linkindex="33">leaked in detail</A>. It’s exactly the plan that was widely analyzed — and found wanting — a couple of weeks ago. The <A href="http://krugman.blogs.nytimes.com/2009/03/03/zombie-financial-ideas/" linkindex="34">zombie ideas</A> have won.</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://krugman.blogs.nytimes.com/2009/03/21/despair-over-financial-policy/?scp=1&sq=The%20Geithner%20plan%20has%20now%20been%20leaked%20in%20detail.&st=cse">The Obama administration is now completely wedded to the idea that there’s nothing fundamentally wrong with the financial system — that what we’re facing is the equivalent of a run on an essentially sound bank. As <A href="http://economistsview.typepad.com/timduy/2009/03/when-does-faith-in-financial-engineering-wane.html" linkindex="35">Tim Duy</A> put it, there are no bad assets, only misunderstood assets. And if we get investors to understand that toxic waste is really, truly worth much more than anyone is willing to pay for it, all our problems will be solved.</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://krugman.blogs.nytimes.com/2009/03/21/despair-over-financial-policy/?scp=1&sq=The%20Geithner%20plan%20has%20now%20been%20leaked%20in%20detail.&st=cse">This plan will produce big gains for banks that didn’t actually need any help; it will, however, do little to reassure the public about banks that are seriously undercapitalized. And I fear that when the plan fails, as it almost surely will, the administration will have shot its bolt: it won’t be able to come back to Congress for a plan that might actually work.</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://krugman.blogs.nytimes.com/2009/03/21/despair-over-financial-policy/?scp=1&sq=The%20Geithner%20plan%20has%20now%20been%20leaked%20in%20detail.&st=cse">What an awful mess.</blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/DBB15258-E792-4D45-8536-4CBD02AE168A/blog/" title="blog or email this clip"><img src="http://content8.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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