Here Comes the No-Strings, Stealth TARP

Larry Summers is opposed to bank nationalization because he thinks it’s “Putinesque” and the economics team is largely staffed by people from the banking world who have no interest in standing up to the banking community. Stress testing is deliberately opaque and designed to inspire market confidence, not make a case to Congress for something Geithner is doing everything in his power to keep from doing.