Maine: Paul Krugman

Good morning.

You can start your day - and hence your week - with this bracer by Paul Krugman:

As I read it, this dismissal - together with the continuing failure to announce any broad plans for bank restructuring - means that the White House has decided to muddle through on the financial front, relying on economic recovery to rescue the banks rather than the other way around. And with the stimulus plan too small to deliver an economic recovery ... well, you get the picture.

Sooner or later the administration will realize that more must be done. But when it comes back for more money, will Congress go along?

Republicans are now firmly committed to the view that we should do nothing to respond to the economic crisis, except cut taxes - which they always want to do regardless of circumstances.