A lot of serious people are questioning the Obama economic team. Paul Krugman has accused the administration of dithering. Henry Blodget is not feeling like the ship of state is under control. Willem Buiter feels that the Fed is working at cross purposes to correcting the fundamental problem. And Ralph Nader, perhaps the last principled liberal left in the US, is questioning the sanity of it all.
This is a must-read New York Times article describing how the panic in the financial system after Lehman's bankruptcy on Monday Sept. 15 spiraled out of control, causing Paulson and Bernanke to go to Congress Thursday Sept. 18 warning that the "economy might not exist" by the next Monday.
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