The Geithner Plan, combined with the other steps taken by the Federal Reserve and the Treasury, make fairly clear the Obama administration’s plan. The sardonic summary would be “to continue the work of Hank Paulson,” but the more serious one would be, “we’re going to throw money at this problem until it goes away.” The end result will be riptide inflation, and economy that suffers from the Japanese sickness where the good times just never, ever, seem to return. Here’s why this is the case.

I do not envy Hilda Solis’ task at the Department of Labor.  Reversing the last 8 years of not-so-worker-friendly Elaine Chao-isms is not going to be an easy task.  Especially where there are these types of concerns…

• Big media reax to POTUS presser here, here and here.
• NYT liveblog here.
• A progressive, but not a populist.
• Rebrand!
• Just what we need.
• And where was this debate when Condi went to BC?
• Culture shock.
• Still wondering why people think Chuck’s so smart.

The chorus of the self-centered and self-abused

Pink Floyd – Money.

What’s on your mind tonight?

Michael Capuano (D-MA) did the best job grilling Geithner and Bernanke about Geithner’s new bailout plan today. He challenged Geither’s claim that this leverages private investment at a 6 to 1 ratio, arguing that with the FDIC funding, it’s actually 13 to 1.

Why is a Democratic Senator with a huge foreclosure problem in his state writing a bill to compete with House legislation designed to cram down mortgages and keep people in their homes? Might it have something to do with, um, money?

Maxine Waters got into one key area of distrust on the bailouts: the ubiquity of Goldman Sachs in bailout plans.

Tim Geithner sure didn’t seem all that interested in Waters’ questions on the bailout.

Now that Toobz Stevens is gone, I fear that there may be a bit of a coot vacuum in the Senate Republican caucus. Sure, there’s no shortage of old white guys, but they’re just too smug and comfortable to fill Ted’s shoes as Senate Minority Coot. All but one – the inimitable and possibly insane Jim Bunning.

It’s understandable the White House would want to celebrate Geithner’s 500 point Dow surge as a victory, and predictable for Rahm Emanuel to take credit. But why tell us that what’s good for Wall Street hedge fund brokers is good for America?