We are facing the prospect of global deflation and depression. But I believe the situation could be turned around by adopting a bold and comprehensive program. Unfortunately, Treasury Secretary Geithner has not presented a convincing case.
The plan laid out -- or, more accurately, sketched out -- by Tim Geithner makes it very clear that he is on the wrong side of the issue, more worried about the banking industry than the American people.
The bottom line is that someone has to take the losses on the $1+ trillion of depreciating assets that are crushing bank balance sheets, and we taxpayers have woken up to the fact that we don't want it to be us.
So much has been written about the bank rescue announcement by Treasury Secretary Geithner, and a clear verdict has set in -- the details were missing and the plan was far too scant to soothe the markets.
The only people in this debacle who acted in the interests of ordinary Americans are House Democrats, but in the end they're going to be forced to choose between no bill and a fatally compromised bill.