> The thing that annoys me is that it appears there was no "Plan B" --
> because if there was, the tactics involved in their (now seen in
> hindsight as thoroughly the wrong) plan might have been different.
I'm not sure there was even the simplest kind of Plan A for a post-Bubble economy. It's not that they've done nothing -- this administration has been incredibly active in forking over trillions to failed bankster scams, in donating the public's money to the likes of Goldman Sachs, and ensuring that the Justice Dept. does not pursue one single criminal prosecution for fraud for the mortgage bubble/securitization catastrophe.
The inimitable William K. Black, who should be head of our Treasury Dept., has the gory details here:
http://neweconomicperspectives.blogspot.com/2011/09/william-black-why-nobody-went-to-jail.html
-- DRR