The Obama administration is now completely wedded to the idea that there’s nothing fundamentally wrong with the financial system — that what we’re facing is the equivalent of a run on an essentially sound bank. As Tim Duy put it, there are no bad assets, only misunderstood assets. And if we get investors to understand that toxic waste is really, truly worth much more than anyone is willing to pay for it, all our problems will be solved.
More Krugman
It appears the Obama administration is wedded to the discredited economic policies of the past when in fact there needs to be drastic change:
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Golden Tempo has won the 152nd Kentucky Derby. Jose Ortiz is the jockey. It is his first Derby win. This race is historic, for the fir...
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