Ahead of the second rounds of bailout Tim Geithner has this to say (according to Bloomberg): "Treasury Secretary Timothy Geithner said the U.S. financial system is badly damaged and needs more government help to avoid a collapse that could devastate an already battered economy."
As far as I remember that's exactly the same point Paulson and Bernanke made. It's true -- 350 billion haven't done anything so far apparently. The question then is why it would help now. To be fair, we don't know what the counterfactual is. Maybe we'd already be in default as a nation and in shambles as an economy without it. Will be interesting to see what Geithner has to say at 11.
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