I am working on a long version that includes the specifics but it is turning into a novella and I am thus trying to trim it down for everyone’s sanity. But the overall feeling the Plan has left me with is perplexity. Not at the details of the plan itself so much as the fact that the Obama Administration has decided this is the one big shot they want to take.

Simon Johnson is less than impressed with the results of Saturday’s G20 meeting of central bankers and foreign ministers. He writes on the blog Baseline Scenario: “It was a disaster – we face what officials readily concede is the biggest financial and economic crisis since the 1930s, yet this conclave agreed precisely nothing that will make any difference”. In a correlated article for the Telegraph, Johnson delves into the details.

Europe’s More Screwed Than U.S.: Um…yay? Baseline Scenario breaks down why the economic situation in Europe is worse than it is here. Arnold Kling pops in to add hilarious “United States as the ‘tallest pygmy’” metaphor. 
How’s that Bipartisanship Going? To no one’s surprise, the House passed the stimulus plan with 0 Republican votes (7 Dems crossed the aisle to vote no). Now it is back to the Senate. The important things to look at here are the fact that Nancy Pelosi looks like Mary Tyler Moore in the pic included …

I am the links and the heir to a shyness that is criminally vulgar…

Disproportionate? You Don’t Say: Israel is threatening to take “fierce and disproportionate” action in Gaza after another rocket strike from Palestinian militias. Israel is planning a hard, surprise attack on Gaza. But how hard is it to “surprise” an area you just finished leveling? This is un likely just posturing on Israel’s part. Expect them to put their white phosphorus where their mouth is.

Obama to the (Economic) Rescue? Obama-Biden press conference today to introduce soon to be Treasury Secretary Tim Geithner and National Economic Council chief Larry Summers. Obama will also discuss in further details the economic rescue plan he mentioned on Saturday. 
This $700 Billion Offer Sounds Better Than the Last One: That’s the number that’s being speculated in conjunction with a two year economic stimulus plan the Democrats are working on. Better than just spending that much bailing out the banks/financial institutions. 
Speaking of That…Citigroup is getting a $300 billion guarantee and $20 …