In Geithner's own words, here's what he's doing

The Treasury secretary has a piece in the Wall Street Journal today telling what he's doing about those bad assets that are weighing down the world.

There's debate raging all over as to whether this will do the job. This blog claims no great economic expertise, but, nonetheless, is not happy to see that the hedge fund crowd is going to get richer than ever out of this rescue -- assuming it works. Isn't this the crowd that led us over the edge?

Here are a couple of links to commentary on the plan:

• Paul Krugman in the New York Times reacts with despair.
• Brad DeLong thinks it's pretty good.
• Atrios blogs up a storm on it.