Valuing the Toxic Waste

A combination of user idiocy and lame blog software just wiped out a long post I wrote about the Geithner plan to buy up toxic waste, and I'm too tired and annoyed to try to recreate it tonight.  Instead, I'll just recommend two other posts for now: Brad DeLong's FAQ and James Galbraith's plea to open up the loan tapes.  As for the mechanics of the plan itself, who knows?  I've read three different articles about it, and since all three disagree on some of the details and are vague on others I'm not sure there's much point in getting too deeply into it at this point anyway.  So for now, just read those other guys and wait for Monday when the plan will be officially announced.