Change. I do not think that word means what they think it means. – Geithner plan version

From Washington’s Blog. Nobel winner Joseph Stiglitz is also against the Geithner-Obama plan  (I”m liking the company I keep!).  The plan is both an end-run around Congress so Congress doesn’t have to vote for another bailout, but Treasury can cobble together the equivalent of another bailout by raiding the FDIC funds, and a poorly thought-through subsidy to the banks.  It is waaaaaayyyyyyy too easy to game.  And as we say with Paulson’s bailouts and AIG, bankers can and will game the system.