Recommended - In Geithner We Trust Eludes Treasury as Market Fails to Recover

I recommend the article In Geithner We Trust Eludes Treasury as Market Fails to Recover at Bloomberg.com. It seems clear that the Treasury has been too timid, and too Wall-Street-oriented, to take the drastic steps needed to clean up the bank problems. As many leading economists and financial experts have pointed out, we are just repeating Japan's mistakes by keeping zombi banks on life support with massive infusions of taxpayer money instead of cleaning them up, or just letting them go into bankruptcy and meanwhile standing up new banks with enough capital to go back to lending.

Someone has to take this in hand, fire the incompetent management, sell off the bad assets for whatever they can bring, probably wipe out the shareholders equity, and get the banks to start over healthy. If we don't do this, the credit crunch will just drag on, with disastrous results for the nation, the world, and President Obama's presidency.