The NYT, in an editorial, categorically rejects Geithner’s bank rescue plan. It is an unswerving rejection of Treasury’s assumption that the auction system through which it proposes to dispose of the troubled assets will value them properly. But more importantly, it reflects a lack of faith — even among the converted — in the ability of government to keep from playing favorites where such sums are concerned. Geithner’s bank rescue plan, coming on the heels of the AIG scandal, had to be both financially sound and politically viable to keep the administration’s credibility from cracking. With liberal economists like Krugman already against Geithner’s plan, the categorical rejection of Geithner’s plan by the NYT implies that the Obama administration is running out political places to hide.
Further ...
Only three months into his Presidency, Barack Obama is failing the most important test of his life. His team can’t come up with a plan to pull the American economy out of a tailspin. More importantly he is losing public confidence in his ability to come up with one.
At last:
President Obama is going to give a prime time news conference tomorrow (EST). Let’s see what it will be all about. But I think the time for talk is rapidly drawing to a close. People are looking for sensible action, at least a semblance of decency and an end to the lawyerly double-talk and run around. ‘I forgot. I misspoke. Let me be perfectly clear’ — all these magic phrases are losing their traction.
Even Juan Williams is saying a few words that are less than supportive.
Fearless forecast: The NY Times will discover Obama's original birth certificate and you know what that means.
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