Via TPM:

As described, the plan seems to offer little incentive for private investors to participate unless the subsidy is made so rich that it comes at the expense of the taxpayer. In its current form, Secretary Geithner's plan is a shell game that hides the true cost of the program from the taxpayers that will be asked to pay for it. Six months after Congress debated the first TARP, it is inexcusable that taxpayers still have not been told their true exposure.

That's right. Eric Cantor's critique of the Geithner Plan is correct.

Speaking for me only

I'm just getting to the news today. Here's what I'm reading:

• Matt Lauer hit a deer on his bicycle and flew over the handlebars, separating his shoulder. Ouch.

Question: Why is the news reporting the deer hit Lauer instead of the other way around, and is there a report that mentions what happened to the deer? I hit a deer driving my Jeep once just outside of Aspen at dusk. It darted across the road. Totally destroyed the front of my car, but the saddest thing was watching the deer limp away, I'm sure it broke a leg. I've always wondered what happened to it -- did it just die, did someone shoot it to put it out of its misery? Anyway, sending good thoughts Lauer's way, surgery for a dislocated shoulder isn't fun.

• More newspapers in trouble. Today, it's the 174 year old Ann Arbor News.

• Stocks are up after Treasury Secretary Tim Geithner's announcement of details of the latest financial plan.

[More....]

On the story of the day, Obama's plan to rescue the Masters of the Universe, I've said all I can say for weeks now.

So, here is a thread for other topics. In other words, this is an Open Thread.

Via Greg Sargent:

“This is the kind of issue Washington chases like catnip,” David Axelrod, Mr. Obama’s senior adviser, lamented in an interview. “What would be a mistake would be to get so distracted by the catnip-chasers that we lose our own path. We are not going to do that.”

Confirming Axelrod's assurance to the Masters of The Universe, Geithner announces his let's save Wall Street (as opposed to the nation's economy) plan.

Krugman and Atrios speak for me. This is a disgrace and it will not work.

Speaking for me only

Denver's 75 degree weather the past few days is coming to an end. Snow is forecast for tomorrow. I just turned off the air-conditioning.

After a day spent shopping for a new bicycle, I picked an Electra Townie with "flat foot technology," perfect for people who haven't been on a bike in years and want to be able to place their feet on the ground while stopped but also have their legs fully extended when pedaling.

Next project: Mattresses: Is latex really better and worth the extra money? Now I have to watch Brothers and Sisters ... Tommy's on the lam in Mexico.

This is an open thread, all topics welcome.

Few music stars have been as generous with their time for political candidates and causes as John Mellencamp. From Farm Aid to the 2004 Democratic National Convention to hitting the road for John Edwards in Iowa and elsewhere, he's one of the music community's most committed members.

Tonight he has a article at HuffPo on the death of the music industry as we knew it....and the dismal future ahead.

It's a long article in which John goes to considerable lengths to try and explain factors like BDS (Broadcast Data Systems) and SoundScan and other ways the corporate hold on music evolved. [More...]

President Obama disses Dick Cheney, praises Tim Geithner and discusses America's anger at Wall St. tonight on "60 Minutes." On Cheney:

Obama fires back at former Vice President Dick Cheney's charge that his plan to close the prison at Guantanamo Bay and end the torture of terrorism suspects has made the U.S. less safe:

"How many terrorists have actually been brought to justice under the philosophy that is being promoted by Vice President Cheney? It hasn't made us safer. What it has been is a great advertisement for anti-American sentiment."

Did the President accomplish his objectives in going on the show? Was he better here than on Leno? He's also pre-empting regular tv programming Tuesday night with another public address to the country. At least he's not avoiding us.

Why can there not be shared sacrifice from Wall Street regarding the financial bailout when GM bondholders are calling for it regarding the automaker bailout?

With a March 31 deadline for General Motors’s restructuring approaching, the ailing car maker’s bondholders are continuing to press their case to the public. In a letter to the Obama administration’s autos task force, the unofficial bondholders committee reiterated its argument that the pain in any restructuring of G.M. be shared by all of the company’s constituencies — or risk bankruptcy. . . . “It is unclear why it was decided that GM’s bondholders should bear the greatest risk here,” the letter reads. “Consequently, it is not surprising that others may be ready to accept a deal that severely disadvantages bondholders who had no role in crafting it.”

(Emphasis supplied.) I do not know enough about the particulars of the GM situation to say whether this is a fair complaint, but what bothers me is that the counterparties to the Big Sh*tpile are NOT complaining in the same way. You wonder why they aren't whining like this? Because Tim Geithner has their back. He should have the country's back. Therein lies the problem.

Speaking for me only

Kevin Drum calls criticisms of the Geithner plan "glib." Which takes some real chutzpah when Drum glibly declares:

Obviously, then, there's tremendous uncertainty about future default rates. But the market appears to be valuing most mortgage-backed securities these days at something like 30 cents on the dollar. That's crazy. . . . 30 cents on the dollar simply doesn't represent a reasonable long-term value for most of this stuff.

Let's assume Drum's glib assertions are true. Why in heaven's name then does the government need private sector "skin" at all? Why not just buy these 'obviously' undervalued assets? Why does the government have to give non-recourse loans to private players to get them in? I'll tell you why - because the Geithner plan is about saving Wall Street, not saving the economy. More . . .

The Cuse, one of my final 2 teams, advanced to the Sweet Sixteen earlier today. Who will join the 9 (all the top 3 seeds are through so far) already through? March Madness continues today.

This is a March Madness Open Thread.

I hope someone in the Obama Administration takes note of the philosophy behind the Austrian prison system. It's one that could serve the U.S. well.

It's in the news today because Josef Fritzl, the 73 year old sentenced to life for abominable crimes against his daughter, has chosen Garsten as the place to serve his sentence. (Apparently, in Austria, the inmates get to choose their prison.) [More...]

Former Qwest CEO Joe Nacchio has filed his Petition for Writ of Certiorari to the U.S. Supreme Court (available here(pdf).) The issues: [More...]