Roubini Against:
"Thus the claim by the Fed and Treasury that spending $700 billion of public money is the best way to recapitalize banks has absolutely no factual basis or justification. "

Dean BakerAgainst:
"The Banks Have a Gun Pointed at Their Head and Are Threatening to Pull the Trigger"

DeLong For:
"The important issue is "Perception."

DeLong's description and Baker's are not necessarily in conflict.
As I said a couple of days ago the answer begins in an acceptance of the possibilities of big responsible government, a possibility that Democrats, following Republicans (and greedy ex-hippies) have for years done nothing but discount.
DeLong is a competent technocrat but he doesn't question the values of his own variety of technocratic logic.
He's too much a scholar of self-interest.
---

update: The "DeLong Plan" is back

Bring Congress Back into Session After the Election...

...and go for the Swedish plan: nationalize the insolvent large financial institutions: dare Bush to veto that after the election.

Vote Count:

Democrats: 141 Yea, 94 Nay
Republican: 66 Yea, 132 Nay.

This Republican Party needs to be burned, razed to the ground, and the furrows sown with salt...