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.