A song for Paul Krugman (vs. Timothy Geitner).
Geithner’s own words on his plan for a solution for the toxic assets. Grand plans, costly for taxpayers. But it is basically the same political solution to any societal problem that hits a lot of people at the same time: just spread the cost to everybody through taxation and redestribution. If a sufficiently large (or influential) number of people make wrong and irresponsible decisions at the same time, the normal laws of responsibility are not applicable. Rinse and repeat.
More on the plan here (with links).
On the same note: Why isn’t the Obama economical advisory board meeting in public? Private meetings, private conference calls – what became of openness and honesty in discussing the nation’s greatest challenge?