Hear: Of Devils and Details
Deposit. Withdraw. Buy. Mario Tama/Getty Images hide caption
Today on Planet Money:
U.S. officials unveiled their latest plan for saving the economy. They're using the $700 billion bailout approved by Congress to buy shares in banks, which is a mighty big idea.
-- Money trader Will Aston Reese says the markets remain frozen, and will stay that way until people figure out the details of the new plan.
-- The fever has broken and the patient is on the mend, says economist Christopher Carroll of Johns Hopkins University.
-- Not so fast, says economist Anil Kashyap of the University of Chicago Graduate Business School. Kashyap says the plan leaves too much room for banks to reward shareholders at taxpayer expense.
-- With Uncle Sam walking tall on Wall Street, economist Brad Setser considers the nation as banker. It's quite a picture.
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