Financial Crisis, a Long Time Coming

This is what I've been saying for, um, a long time. And I'm not even close to being an economist... My point? Anyone could have seen the current financial meltdown coming a mile away. Take it away Kruggers:

For the fact is that the plan on offer is a stinker — and inexcusably so. The financial system has been under severe stress for more than a year, and there should have been carefully thought-out contingency plans ready to roll out in case the markets melted down. Obviously, there weren’t: the Paulson plan was clearly drawn up in haste and confusion. And Treasury officials have yet to offer any clear explanation of how the plan is supposed to work, probably because they themselves have no idea what they’re doing.