Get your news from a source that’s not owned and controlled by oligarchs. Sign up for the free Mother Jones Daily.


Ezra Klein reports on Larry Summers’ talk yesterday:

Summers […] argued that the administration was right to be vague on its banking plan. Specifics, he said, could only come after the stress tests reveal what action is needed. That sounds sensible enough, though it’s hard to say whether that’s been the plan along or it’s just the plan now that no one liked Geithner’s original banking proposal.

I too think that a bit of vagueness might have been justified here.  It’s better than rolling out a detailed but half-baked proposal that gets immediately shot down.  However, if that was the plan all along, then surely President Obama wouldn’t have said this 12 hours before Geithner took the podium:

[T]omorrow my Treasury secretary, Tim Geithner, will be announcing some very clear and specific plans for how we are going to start loosening up credit once again.

There are a few possible explanation for this: (a) Obama is an idiot, (b) Obama wasn’t up to speed on what Geithner’s plan was, (c) everyone in the administration was under the impression that Geithner’s plan was “very clear and specific,” or (d) they changed their minds a lot in the days and hours leading up to the announcement.  I’m guessing the answer is (d).

BEFORE YOU CLICK AWAY!

Mother Jones was founded to do journalism differently. We stand for justice and democracy. We reject false equivalence. We go after stories others don’t. We’re a nonprofit newsroom, because the kind of truth-telling investigations we do doesn’t happen under corporate ownership.

And the essential ingredient that makes all this possible? Readers like you.

It’s reader support that enables Mother Jones to devote the time and resources to report the facts that are too difficult, expensive, or inconvenient for other news outlets to uncover. Please help with a donation today if you can—even a few bucks will make a real difference. A monthly gift would be incredible.

payment methods

BEFORE YOU CLICK AWAY!

Mother Jones was founded to do journalism differently. We stand for justice and democracy. We reject false equivalence. We go after stories others don’t. We’re a nonprofit newsroom, because the kind of truth-telling investigations we do doesn’t happen under corporate ownership.

And the essential ingredient that makes all this possible? Readers like you.

It’s reader support that enables Mother Jones to devote the time and resources to report the facts that are too difficult, expensive, or inconvenient for other news outlets to uncover. Please help with a donation today if you can—even a few bucks will make a real difference. A monthly gift would be incredible.

payment methods

We Recommend

Latest

Sign up for our free newsletter

Subscribe to the Mother Jones Daily to have our top stories delivered directly to your inbox.

Get our award-winning magazine

Save big on a full year of investigations, ideas, and insights.

Subscribe

Support our journalism

Help Mother Jones' reporters dig deep with a tax-deductible donation.

Donate