Nate Silver says everything I’d like to say about the bank bailout plan. Go read it.
He also gets at what’s frustrated me so badly about Paul Krugman over the past few weeks:
My anecdotal experience for the past several months has been that the more someone knows about the economy, the more they know (or at least are willing to admit to) what they don’t know. Anyone who is professing with certainty that this or that will work — nationalizing the banks, for instance — is an idiot.
Paul Krugman is a Nobel prize winning economist, and is deservedly recorded lots of respect and deference on these issues. But he doesn’t know what will or work in this situation. He has theories, but there are lots of people with theories, many of which are at odds with what he thinks. I don’t mind his criticism of the Obama administration, but I think his certitude serves him poorly.