i wonder how long it will take before the obama administration once again trashes the "trash for cash" approach, spends a few more weeks regrouping to come up with a "new plan," and then proposes another gussied up version of the same thing again.
i should add that not everyone thinks the geitner plan is horrible, brad delong has been arguing in its favor over the past few days. although his latest post suggests that the two differ more in their political calculations than on the economic issues. they both think that temporary nationalization is the ultimate answer. krugman thinks that the geitner plan makes nationalization less likely (or at least more painful when he eventually comes around to it), delong thinks that nationalization won't pass now and that by taking this half-assed measure it will lay the groundwork for eventual nationalization.
