The Problem With Flogging AIG
NYTimes Joe Nocera to the Rescue

By week’s end, I was more depressed about the financial crisis than I’ve been since last September. Back then, the issue was the disintegration of the financial system, as the Lehman bankruptcy set off a terrible chain reaction. Now I’m worried that the political response is making the crisis worse. The Obama administration appears to have lost its grip on Congress, while the Treasury Department always seems caught off guard by bad news.

And Congress, with its howls of rage, its chaotic, episodic reaction to the crisis, and its shameless playing to the crowds, is out of control. This week, the body politic ran off the rails.

(additional emphasis mine)



EDIT: NYT opeds also has an open letter from a resigning AIG vp - somewhat bathetic but fun nonetheless. The FT's Martin Wolf throws in a few good comments, too. - TJ