After feverishly analyzing a mountain of brain-numbing economic bad news, the crack “Recession Rangers” here at USDemocrazy have come to a startling conclusion: There is a mountain of brain-numbing economic bad news out there.
Thank goodness for us, there are smart guys like Treasury secretary Tim Geithner out there doing something about that mountain.
Yesterday, he unveiled chapter 2,1654, 765a of the Obama economic rescue plan and it looks… well… kind of good! (So we are told.)
The plan has something to do with buying “toxic assets” using both private and public funds… The brainy folks at the Wall Street Journal explain how to kick these assets here.
So will Treasury Tim’s plan work?
The Daily Beast has put together a neat little page here where some very smart guys debate this point. (One pundit, Paul Krugman should not be allowed in any room that contains both Mr. Geithner and any sharp objects or staplers).
Apparently Geithner has more rescue tricks up his sleeve. He has also asked Congress for new powers. (We immediately thought of laser vision and the ability to apparate…). Rather boringly, he is only asking for new powers to regulate “non-bank financial institutions.” According to this Washington Post article, those new powers are actually quite important. The guys at Politico also weigh in on the same subject here.
So Mr. Geithner attacking the mountain of bad news with gusto. As The Economist points out (here), Mr. Geithner is using his marbles to play for all the marbles!
