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...]

I think I am going to watch the Gas Bags this morning, just to see how out of touch they are.

This is an Open Thread.

Booman writes:

I'm just guessing, but I think this story is going to get a lot more favorable treatment in Left Blogistan than the toxic assets plan received yesterday.

The Obama administration will call for increased oversight of executive pay at all banks, Wall Street firms and possibly other companies as part of a sweeping plan to overhaul financial regulation, government officials said...

Let me be the first to disappoint Booman. I do not want the government regulating executive pay, except when the government is propping up a company through a bailout. I do want executive pay to be fairly taxed in the interest of the common good of the Nation. What I do applaud about what is being reported is the intention to prudently regulate an industry, the financial industry, that turns out to be more like a public utility than a typical private sector concern. More.

That's the conclusion of a must read piece in Harper's by Chicago-based labor lawyer Thomas Geoghegan about what our culture of legalized usury has wrought.

Writes Geoghegan:

"Basically, we're all waiters now; we're bowing and scraping and working for the banks. Look closely at any American, and it's even odds that he or she, directly or indirectly, is somehow employed by the 'financial services' industry,' which covers insurance and real estate and financial instruments of any kind."

[More....]

An early look at Sunday's news:

• The New York Times tells Obama to stop sending mixed signals on Guantanamo, state secrets and other Bush policies. The Times urges Obama to get behind an investigation into Bush's policies:

  Everyone wants to move forward. The only way to do that, and make sure the system of justice is working properly, is to know exactly how Mr. Bush broke it.

• The Washington Post has a very interesting, long profile of a how a man whose son was murdered came to forgive his killer and assist him in getting parole.

• Ali al-Marri's family stands by him as he's moved to Illinios to face criminal charges.

Feel free to add the news you find of interest this morning.

I watched "Australia", the epic movie with Nicole Kidman and Hugh Jackman tonight... Comcast and Netflix both have it available.

After the dismal reviews, I wasn't expecting much except beautiful scenery. But I liked it, especially the second half which had more action, and the young Brandon Walters as Nullah, a half-Aborigine, half caucasian boy. I wanted to pluck him from the screen and fight Nicole Kidman for him. I also would have leapt at the chance to do a "walkabout" with his grandfather "King George."

Now I want to re-watch Peter Weir's "Last Wave" -- the 1977 film about a white lawyer who defends a group of aborigine kids on a murder charge and in the process learns about "Dreamtime." (Trailer here.)

I remember being so fascinated by "The Last Wave" and "Dreamtime." For months, I defined everything that happened by it. Even now it reminds me that anthropology and the study of indigenous cultures don't get enough attention.

President Obama is launching his previously announced surge of agents and surveillance technology to the Mexican border, to beef up the fight against the drug cartels.

Obama's efforts mark a shift from the homeland security priorities of the Bush administration, targeted mainly at the threat of Islamist terrorists overseas and illegal immigration at home. While the new president has vowed to maintain counter-terrorism efforts, the addition of fighting Mexican drug trafficking as well human smuggling networks represents a new emphasis.

You can expect the military will be involved as well. Another imprudent, ill-advised move, in my opinion.

It's 70 degrees and sunny, time to head outdoors.

What's going on in your neck of the woods? This is an open thread, all topics welcome.

BTD - Read this from Glenn Greenwald on the value of public anger. An excellent piece.

You think you have economic worries? Cheer up, things could be worse. You could be getting divorced and no longer able to afford your weekly expenses of $53,000, including:

• $700 for limousine service,
• $4,500 for clothes,
• $1,000 for hair and skin treatments,
• $1,500 for restaurants and entertainment, and
• $8,000 for travel

And find yourself in court arguing that a $43 million settlement just isn't enough because it would only last 16 years and even though you did agree to accept that amount in event of a divorce, you only did so because your husband preyed on your fears of ending up divorced and childless.

As a result, you could find yourself on the witness stand for days while trying to convince a judge you need $100 million in cash and stock in addition to $130,000 a month in alimony.