Bloodless Coup

Geithner's Plan

I'm someone who has usually been in the "we have to do something, even if we don't like the particulars of it" school when it comes to the financial crisis because 1) it is frighteningly bad and 2) the "if it doesn't look exactly like I want it to it's evill and I'm voting against it" approach smacks of both narcissism, a deep misunderstanding of how democracy works, and a peculiar ambivalence about a crisis that is frighteningly bad. That said, I don't see how this can fly in the current political environment, no matter how bad the crisis is. Letting the banks face no stiffer sanctions or transperancy than this, and essentially giving their investors mountains of public money regardless of their past (and quite possibly future) mismanagement ... I guess as a general matter I'd be on the side of the White House in this - but if I was a member of Congress I don't see how I could vote for such a plan if this report is accurate.