I am worried that Obama's economic action team is not up to the task. Their dithering on toxic assets, the banks and AIG merely puts the solution off to another day. This has the unpleasant effect of increasing the cost of any future solution. Treasury is way too tentative, vague, oracular and shockingly understaffed. Economists are losing faith. You know, the ones that told us the free market would set us free.
And what's this crap about Citigroup making a profit? Aren't they on taxpayer life support? What kind of accounting are they doing that they're showing a profit? Isn't that the kind of accounting that got us into this mess in the first place?
The market surge after the news that Citigroup was projected to be "profitable" in the first quarter displays the desperate psychology of a wounded beast. Charging wildly in any direction at the slightest provocation. This beast is far from done.
