Particularly fighting climate change, which threatens the survival of civilization — but also national health care, which will simply improve everyone’s standard of living even if unemployment goes way up.

I hope Obama’s political estimation is correct.

More like: The leading edge of the hurricane has slammed ashore, and ripped most of the house apart, but we’re in the eye now, and the winds have died down to a managable 40-50 mph. And that black mass of clouds that is the other side of the eye wall fast approaching? Well, we’re worry about that when it hits.

This makes it a bit clearer that a change in administrations has meant no change in policy.

Here is an alternative, significantly more skeptical interpretation: They are talking their book!

Could it be that our previous economic indicators are in a state of dislocation between linear, simple cause and effect indicators and more holistic, synergetic, or circular models?

And is this gamble more of a gamble than nationalization? I don’t think so. Congress would simply never allow full Federal assumption of the bank debt. There would be a populist revolt – which the web deflationists are stirring up right now. We are acting as our own Andrew Mellon – liquidating ourselves for the pure fun of it. Read Calculated Rick – or Naked Capitalism. They think deflation would be just dandy and fun.

Congress would absolutely force a senior bank debt cramdown – and that would be the end of all things beautiful and true. The insurance industry would go bust – policy holders would run the insurance industry – and world wide asset values would just vanish.

I agree – it is what they are doing – and I also agree – kudos – absolute kudos to them – if it works.

And this guy – who is no fool at all – thinks it might well work.

http://blog.atimes.net/?p=718

as does Bronte capital. These banks are earning a lot of money. That makes them harder to nationalize – which – pleases me. I am a Burkian – and want the least fuss and risk possible. The aim of this website here – which is to overturn the world just for the heck of it – has no appeal to me – if we can possibly avoid it.