"The new consensus among the experts who missed the housing bubble (EMH is that Treasury Secretary Tim Geithner's plan to subsidize the purchase of junk mortgages and their derivatives will help alleviate the stress on the banking system. That's good news.

"These geniuses have devised a plan that for $1 trillion (approximately equal to 300 million kid-years of SCHIP, the State Child Health Insurance Program) can alleviate the stress on the banking system. Note that no one claims that $1 trillion spent on the Geithner plan will actually clean up the banking system - that would be asking too much. The EMHB only assure us that this $1 trillion (more than enough to have energy conserving retrofits for every building in the country) will make things better. Isn't that enough?

"Oh, by the way, some people will get very rich off the Geithner plan. Some hedge and equity fund managers could make hundreds of millions or even billions off the Geithner plan. And, under current law, they will pay a lower tax rate on this money than a schoolteacher or firefighter. Are you sold yet?"

Pepe Escobar at Asia Times writes about the secrets of Obama's Afghanistan "surge".

"Is United States President Barack Obama telling it like it is as far as his new strategy for the Afghanistan and Pakistan war theater - AfPak, in Pentagonspeak - is concerned? There are reasons to believe otherwise. 

"Obama's relentless media blitzkrieg stressed the new strategy is refocusing on al-Qaeda. Washington, we got a problem. Why deploy 17,000 troops against "the Taliban" in the poppy-growing province of Helmand, not in the east near the Pakistani tribal areas, where "al-Qaeda" is holed up, plus 4,000 advisers to train the Afghan Army, when Washington actually wants to fight no more than 200 or 300 al-Qaeda jihadis roaming in Afghanistan, plus another 400 maximum in the Pakistani tribal areas? And by the way they are not Afghans - they are overwhelmingly Arabs, with a few Uzbeks, Chechens and Uyghurs thrown in.