“It’s going to take a little bit more time than we would like to make sure that we get this plan just right. Of course, then we’d still be subject to criticism. What’s taken so long? You’ve been in office a whole 40 days and you haven’t solved the greatest financial crisis since the Great Depression?”
No one’s asking him to have solved it by now. Most people weren’t even rushing him for a plan. The problem is that he’s placed the wrong people in charge, allowed the politics of the situation to get away from him, and apparently approved a plan that is nothing more than what Bush and Paulson came up with last year.
Minimizing all of this by trying to make his critics look like impatient children is garbage. Obama needs to own up to the fact that his administration is no different than Bush’s when it comes to protecting the interests of the rich at the expense of everyone else.
I would love to hear a proper defense of Obama on this.
For more reaction to Obama’s “plan”, check Paul Krugman, Jamie Galbraith, Dean Baker, and Yves Smith.