Krugman Criticizes Obama, Hell Freezes Over

Mark March 21, 2009, as the day pigs flew and hell froze over: the shamelessly liberal New York Times columnist Paul Krugman actually criticized the Obama administration.

I kid you not.

Unfortunately, he did so at his blog at the New York Times website, which means far fewer people will see his critique than if it had been published in print.

But as it seems foolish to look a gift horse in the mouth on such an auspicious occasion, let us be thankful for small mercies (h/t Hot Air headlines):

The Geithner plan has now been leaked in detail. It’s exactly the plan that was widely analyzed — and found wanting — a couple of weeks ago. The zombie ideas have won.

The Obama administration is now completely wedded to the idea that there’s nothing fundamentally wrong with the financial system — that what we’re facing is the equivalent of a run on an essentially sound bank. [...]

This plan will produce big gains for banks that didn’t actually need any help; it will, however, do little to reassure the public about banks that are seriously undercapitalized. And I fear that when the plan fails, as it almost surely will, the administration will have shot its bolt: it won’t be able to come back to Congress for a plan that might actually work.

What an awful mess.

Wow. Somebody pinch me.

Economy Banking/Finance Bailouts New York Times Timothy Geithner
Noel Sheppard's picture

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