Yet another bailout

MANIFESTO

The stock market seems to like the big plan unveiled last night by the legislative and executive branches.

I'm waiting for Brad DeLong to explain all of this to me in layman's terms, but he hasn't done so yet. On the surface, I suppose the thing could work, but I suspect I'll no longer be alive when the loans I'm helping float finally become profitable.

UPDATE — DeLong explains it all and doesn't disappoint.