Watching the brand shiny new Obama White House is like watching Michigan Football before it started to Drastically Suck beyond All Comprehension: two fruitless runs up the middle and then OH hand off to the half-back in the back field. Two fruitless runs up the middle and then OH we decide to pass and hey that sometimes works. Two fruitless runs up the middle and then check this out it’s the Option.
This generally makes me want to throw things at the TV. Here we are at 3rd and 8 again for the 42nd time this game! Are they going to do something now?
I am picking up the same frustrating vibe. Sure, yeah, they’ll eventually drive down the field but look at all the messing around first. The newest incarnation is the complete so-called “Geitner Plan” that was “released” yesterday. There’s no plan. It’s the political incarnation of running up the middle for maybe a yard. We have a banking crisis, the banks are refusing to lend (still), foreclosures are still hoovering capital out of the market, banks are turning into capital-eating zombies, and the entire system needs a good, solid audit from the top down. We have lots of bankers who are out of work who I bet would like a paycheck to become government auditors.
What are we going to do? Not what Geitner and Larry Summers recommended to Japan (which they eventually did) or the Sweden plan of lopping off heads of zombies. Oh no. We’re going to do… what? Sort of bad bank? Sort of not? Sort of be very nice to banks and half-privatize, half-nationalize and not really bother with audits or try to figure out what we wrong and force the banks to suck up their bad risk and bad bets and close the doors on the ones that are clear failures? Because we most certainly have zombies running around going “Oh give us 6 months and our assets will be worth something OH give us 6 more months and we’ll have it figured out OH just 6 more months really…”
And now Team Obama, who clearly plays by the Big 10 Playbook, will be forced to sort of try another run up the middle and will get roundly thunked for it and then come around and go oh I guess we should come up with something real if we’re going to make the down.
Gah. I still love Obama for his Incredibly Wonky Ways and his ability to craft an actual sentence but come on guys. I’d rather you take an extra two weeks and present something real than whatever nonsense is being picked off the bottom of your shoes.