Update II: The President and the Treasury Department unveil the plan to get credit flowing to working families again by bringing stability to the financial system.
Update: Frank Rich Warns of a ‘Katrina Moment’
Treasury Secretary Timothy Geithner and the rest of Obama's recovery team need to demonstrably channel Winston "I-Solve-Problems" Wolf, the fast-acting, hyper-efficient fix-it man from Pulp Fiction (1994, Quentin Tarantino).
News from today' Times (Toxic Asset Plan Foresees Big Subsidies for Investors) is spot-on in this needed Wolfian aspect of Obama's recovery plan.
From Edmund L. Andrews, Eric Dash and Graham Bowley.:
Treasury Department is expected to unveil early next week its long-delayed plan to buy as much as $1 trillion in troubled mortgages and related assets from financial institutions, according to people close to the talks. The plan is likely to offer generous subsidies, in the form of low-interest loans, to coax investors to form partnerships with the government to buy toxic assets from banks.Long-awaited is right. We believe Obama is on this, we understand the repercussions, so thank you for bringing in the cleaners now.
"You're sending the Wolf? Shit, negro, that's all you had to say."As for congressional Republicans and any Democrats who resist soaking up this trillion-dollar toxic pool, as the Wolf said: "I'm here to help. ... So pretty please, with sugar on top, clean the *&%$ (mess)."
- Jules (Samuel L. Jackson)
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