At least on the surface, the opportunistic disaster capitalism's steam rollers the Freedmanites and their greed frenzy ideologies are in retreat. As the financial markets roil and toil while massive bailouts plan is in the work to rescue the economy from tumbling further into irreversible whirlwind of very real "doomsday" scenario that mostly caused by "excessive and poorly regulated mortgage debt", the long shelved Keynesian economics is dusting off thickened layers of accumulated dirt and the echo of saneness is getting back in the wild: "while capitalism is the most dynamic and productive system ever conceived, it is most efficient over the long term when there is another delicate balance -- between private incentive and government oversight."
There are indeed inquiries to be made like Senator Harry Reid's precise observation: "Today we face what economists call the gravest economic danger since the Great Depression, We’ve come to this point after eight years of President Bush waging a war on fiscal responsibility. His Republican philosophy of removing all accountability from big business — and expecting no responsibility from them in return — has created this crisis that now threatens to devastate America’s working families. It is time for him to explain how eight years of deregulation policies have brought us to this dangerous ground. And most importantly, it is time for him to explain how his plan — drafted literally under cover of darkness — will help America weather this storm."
What is this "plan" that was "drafted.....under the cover of darkness"? Here is one explanation: "Taxpayers are being asked to buy up banks’ junky assets, with little expectation of return. At the same time, private equity firms are being invited to make what are likely to be highly profitable investments in the same banks."
Los Angeles Times presents a few additional steps that can be useful in a plan drafted under the shiny sun. Here is the link.