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  •  excellent job at clarifying distinction (3+ / 0-)

    Excellent post, clarifying the distinction between a liquidity and solvency problem.  The diagnosis given last fall was the former, but it's now pretty clear that it's the latter. We need to get in and clean this up! And, if it takes replacing Geithner to do so, the President should replace him. Big mystery: why hasn't Stiglitz been asked to join the administration? He's top notch, he's not wedded to Wall St., he's got international credibility...but, rumor is that Summers is hostile towards him.  Get rid of Summers as well!  The FT article is understating the problem. The bank bailout plan is not simply a make-or-break issue for the Obama Administration - it is for the entire country as well as the recovery of the global economy.

    •  re (3+ / 0-)
      Recommended by:
      joesig, denise b, dancewater

      If it were up to me, I'd form an economic council of Stiglitz, Roubini, Krugman, Shiller, Reich, and Dean Baker. All of them called this crisis more or less and all of them aren't Wall St guys. I trust their judgment on what we need to do to fix the banking system and restructure the economy so it works for everyone more than economists who were shocked - shocked! - about the economic collapse. If you're an economist who didn't see the greatest economic story of your lifetime developing, how good could you be, and why should we trust your advice on how to get out of a crisis you couldn't diagnose?

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