I’m not an economist, just someone trying to understand this mess. I found Geithner’s remarks unreassuring. If the goal was bold early action to grasp the nettle of the banks’ insolvency, and to find a way to expose and control it, then this struck me as more muddling through, with better oversight. The more I read and talk to people who seem to know, the more it appears that we need to do what the Swedes did: take over and restructure the banks. What I find most depressing, however, was the transparent attempt by Geithner, or those around him, to spin his victories over his opponents as the real story. The NYT’s piece today, and Brooks’ stenography, do not suggest to me the proper focus on what we need to do, as opposed to bragging about and spinning internal internecine debates.
The Dish is fast gathering more reactions from those with more expertise on the web. Stay tuned.
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