If you support the Geithner Plan, it has to be based on the premise that the "toxic assets" held by banks are worth much more than the market is willing to pay for them now. Thus, Geithner Plan supporter Brad DeLong writes:

[G]overnments should undertake additional measures to boost financial asset prices . . . It is this point that brings us to US Treasury Secretary Timothy Geithner’s plan to take about $465 billion of government money, combine it with $35 billion of private-sector money, and use it to buy up risky financial assets. The US Treasury is asking the private sector to put $35 billion into this $500 billion fund so that the fund managers all have some “skin in the game,” and thus do not take excessive risks with the taxpayers’ money. Private-sector investors ought to be more than willing to kick in that $35 billion, for they stand to make a fortune when financial asset prices close some of the gap between their current and normal values. . . .

(Emphasis supplied.) What is the basis for DeLong's assumption that these "toxic assets" are undervalued? He does not say. And if they are not, then what? And even if DeLong's assumption is true, what is the economic purpose of this plan? DeLong posits:

The Christian Science Monitor today presents a glowing review of Thomas Cahill's new book, A Saint on Death Row." It tells the story of Dominique Green who spent 12 years on death row before his Texecution.

Sister Helen Prejean wrote of the book:

"There are many ways to tell the tragic story of America's death rows. Tom Cahill has chosen to show—through the extraordinary life of one man—that God is always working everywhere and can bring the most beautiful soul to maturity in even the most horrifying circumstances. If you read his story, you will never forget Dominique Green, nor will you ever feel the same way about our courts, our prisons, and our criminal justice system. This book is a life-changer." —Sister Helen Prejean, author of Dead Man Walking

Cahill's website features this video of an interview with Green before his execution and Cahill's views on why the death penalty is wrong for anyone. [More...]

Glenn Greenwald explains what candidate Obama promised:

When Obama sought to placate his angry supporters after he voted for the Bush/Cheney FISA-telecom immunity bill last June (after vowing the prior December to support a filibuster of any such legislation), this is what he said . . . :

[The FISA bill] also firmly re-establishes basic judicial oversight over all domestic surveillance in the future. It does, however, grant retroactive immunity, and I will work in the Senate to remove this provision so that we can seek full accountability for past offenses.

Glenn then explains what PRESIDENT Obama has done:

A February, 2007 Red Cross report on the treatment of the 14 high-value detainees held in secret CIA prisons before being transferred to Guantanamo has been released. It's available here (pdf). The report in encrypted so I can't cut and paste excerpts, but the Washington Post has this description of its findings.

Medical officers who oversaw interrogations of terrorism suspects in CIA secret prisons committed gross violations of medical ethics and in some cases essentially participated in torture, according a confidential report by the International Committee of the Red Cross.

[More...]

President Obama's approval ratings are at 66% according to the latest NYTimes CBS poll. However, 58% disapprove of his policies regarding the financial crisis

By contrast, a 47% plurality approve of aid to the auto industry while only 38% disapprove. I assume President Obama, Secretary Geithner and Obama economic advisor Lawrence Summers really believe their plan is the right thing to do. It is incumbent upon them to explain why they think so to the American People. I think it is a terrible plan. But it does not matter what I think. The Obama Administration owes the country some explanations for why so much more taxpayer money should go to the banks via the Geithner Plan. So far, the explanations have been quite unconvincing.

Speaking for me only

George Soros says that not only are banks "seriously underwater" but, more importantly, that toxic assets are "still declining in value."

Worse, Soros argues that the recent change from mark-to-market rules--which gives banks significant judgment in gauging the prices of investments on their books--will "keep the zombie banks alive...and sap the energies of the economy."

A critical mass of highly credible voices--Krugman, Soros, etc--is emerging around the idea that the toxic asset shell game will only prolong the recession and quite possibly turn it into depression. Is anyone in the Obama administration listening?

I'll be rooting for the Spartans of Michigan State tonight to derail the prohibitive favorite, North Carolina. Tipoff is around 9:20 pm.

The game is in Detroit. Michigan deserves some good news. Go Spartans!

It's Dancing With the Stars and "24" for me tonight.

For alternative viewing, HBO's "In Treatment" is beginning its new season. There's back to back episodes on tonight. It's a little depressing but Gabriel Byrne as the shrink is really good.

Another new series on HBO that is worth watching is the No. One Ladies Detective Agency. The second episode aired last night and you can catch them on "On Demand."

What are you watching tonight? This is an open thread, all topics welcome.

Judd Legum, founder of the Center for American Progress blog, Think Progress, is running for the state legislature in Maryland.

In 2007, Judd became the research director for Hillary Clinton's presidential campaign. As to running for Congress, Judd says:

I learned at ThinkProgress what can be accomplished if you combine serious policy ideas with engaging political communication. I want to take what I’ve learned and bring progressive values to the state capital in Maryland.

Judd answered questions today over at Crooks and Liars. There's more over at Daily Kos.

Maryland would be fortunate to have Judd as a legislator. I hope you will go on over to his Act Blue page and contribute. His Republican opponent is an extremist, especially on marriage issues: [More...]

The Associated Press has always come down hard on internet sites that inappropriately (in its view) reproduce its content. Now, it's going to go even further:

[AP Chairman]Singleton said AP would work with Internet portals and other partners who properly license content and would pursue legal and legislative actions against those who don't.

"We can no longer stand by and watch others walk off with our work under misguided legal theories," he said at AP's annual meeting in San Diego.

So make sure when you reply in comments (or write a diary) you stay within their parameters -- no reprinting of more than a short paragraph with a link to the source article. Hopefully, that's still okay. [More....]

Glenn writes it up. It looks really really bad. I'll need to read it more closely but at first blush, it looks really bad.

When I get a chance to read the brief, I'll add to this post.

Mumia Abu-Jamal, on death row in PA for 25 years, will not get a new trial. The Supreme Court rejected his petition today.

The petition was based on the exclusion of African-Americans from his jury. Last year, the Third Circuit refused to reinstate his death sentence.

But the epic struggle over the fate of Abu-Jamal, who has become an international symbol in the debate about the death penalty, is not over. The nation's high court is still weighing the state's petition to have his death sentence reinstated.