In the meantime, Obama's rolled out a new bailout plan that seemed to fall flat. The NY Times pointed out that it is already being criticized "for relying too heavily on the same vague solutions proposed by the Bush administration." WaPo was a little kinder, quoting a source as calling it "incremental" but also describing it as "tougher" than the Bush Administration's conditions on bailed out banks. Either way it does not look bold as billed during last year's campaign or as late as a week ago.
UPDATE: Simon Johnson says signals are mixed and it's too early to tell how weak-kneed the White House will be on bailout requirements, but he is rooting for the decline of banking's strong economic and political influence as a natural consequence of royally screwing our our nation up. Hear, hear.
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