Smith: Thus, the banks get funding on an open-ended basis, with no requirement to write down or sell the dreck. And even if some miraculously does get unloaded via this process, we wonder how far it will get to really cleaning up the banks. Ken Rogoff estimates US credit losses at $2.0 trillion; this plan appears likely to fall far short of that, which means we still have a lot of sick banks, just somewhat less so.You read it here: Geithner should have been forced out the minute his tax problems surfaced. He's a bad actor, overriding the better instincts of Obama's political team to fold up the insolvent "too-big-to-
Later, after we are still swimming in the same muck six or ten months up the road, let's hope some better wisdom is able to settle in at the White House before it's really too late.
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