Nobel Gesture

Add Nobel laureate economist Joseph Stiglitz to the heaping pile of people smarter than I am who think Timmy's Obama's plan to help the economy is a complete cornholing of the the taxpayer.

"Quite frankly, this amounts to robbery of the American people. I don't think it's going to work because I think there'll be a lot of anger about putting the losses so much on the shoulder of the American taxpayer."

Even if the plan clears banks of massive toxic debt, worries about the economic outlook mean banks could still be unwilling to make fresh loans, while the prospect of a higher tax burden to pay for various government stimulus plans could further undermine U.S. consumers, he said.

Meanwhile, signs are pointing to a lower opening on Wall Street this morning as the guys in the corner offices realize they may have not quite fooled everyone in America with this little plan here.