Ezra Klein says:
…So the Geithner plan is really two bets in one. The first is that this is not the worst case scenario and does not require the fixes developed for the worst case scenario. The second is that if this turns out to be the worst case scenario, then we still have those fixes available to us, and the need is clarified among the actors — like Congress and the market — whose reaction in the absence of consensus could scotch the whole thing.
There are two main problems with this, I think. The problem of pricing and the problem of politics. But I’ll get to those in subsequent posts.