There is an Op-Ed in the Wall Street Journal supporting the Obama plan, but arguing that it needs to go even further. If the situation really is as bad as it is presented in this Op-Ed, than we need to drastically overhaul the banking system. The author is asking the government to use really significant resources - much more than already committed - to save the banks. If they need this much help to stay alive, then they will need lots of help (i.e. significant regulation) to prevent them from getting in this situation again.
Reading this post, you might think I did not know about the crisis. While I am well aware of the situation, this particular Op-Ed made the situation really seem dire and the banks really desperate. I feel that I am not doing a good job of articulating how this article made me feel. It sounds like the author is saying that the banks need this, this, this, this and this, in order to survive. It is appalling that banks got to this point yet feel they don't need regulation.
Maybe it is because I am writing this late at night that I am having this reaction. Or maybe my anger has finally emerged over the reckless behavior and our current situation.
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