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February 10, 2009
The Shorter Geithner Plan: Look Ma, No Socialism!
The Geithner non-plan TARP 2 plan is now (mostly) out, and it is about as complex, dubious, over-engineered and sketchy as expected. The non-plan plan -- Tim G. calls it a framework, which is offensive to frameworks -- involves enough moving parts to be an economist full-employment act; it is a druidic mixture of regulatory capture, cute grad-school theorizing, and look-ma-no-socialism-here contortions to avoid temporarily nationalizing insolvent banks.
Steve said it best: Real capitalists nationalize.
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