return of the zombies

paul krugman isn't so keen on the obama administration's plan to deal with the banks ("The zombie ideas have won.") and that's putting it lightly:

"Treasury has decided that what we have is nothing but a confidence problem, which it proposes to cure by creating massive moral hazard.

...I fear that when the plan fails, as it almost surely will, the administration will have shot its bolt: it won’t be able to come back to Congress for a plan that might actually work.

What an awful mess."

maybe geithner can scramble something else together by monday, hmm?