Obama Moves on Toxic Debt

Most of you have already seen Wall Street's euphoric reaction to the Obama Administration's FINALLY acting to attack toxic debt on financial industry balance sheets. This has been a long time coming (too long), but it represents one of the first true actions of the Obama Administration to attack what could ultimately be the single most difficult impediment to overcome in our economic recovery.

One significant argument in favor of this plan is that Paul Krugman hates it...thinks it just isn't quite socialist enough.