The big problem is Geithner is acting as if the crisis we are facing is a crisis of liquidity when, in fact, it's a crisis of insolvency. As Ann Pettifor puts it on HuffPost: "Much of Wall Street is effectively insolvent. It's not that these banks lack cash or capital -- it's just that they're never going to meet all their financial liabilities -- i.e. repay their debts. Ever."
President Obama has made it unambiguous that he understands what is at stake -- both for the country, and for himself politically. On Tuesday, he said that if his economic plan doesn't work, "a few years from now, you'll have a new president."
I have to give it to Obama. That's probably the most noble thing any president has stated straight-forwardly. He may not have a fucking clue what he's doing (since he doesn't even know how to handle his own finances) but at least he's made it very clear he is passionate and honest about trying to fix this problem.
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