The awful truth is that the financial system has at least another $1 trillion hole in it. Either the U.S. government has to continue to try to patch it over with massive—and perhaps ever-escalating—injections of money, or it has to take the painful, risky step of letting some of the big, irreparably wounded financial players go down.
Neither choice is appealing, which is why Treasury Secretary Timothy Geithner trotted out his muddle-through, we’ll-get-back-to-you-on-details rescue plan. Obama shows no appetite for grasping the nettle of a problem much more difficult technically and politically than asking Congress to shovel billions of dollars at its favorite priorities in a stimulus bill.
You don't say!
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