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Revisionist history on the bailouts? From the Democrats? From Obama?!

Yves is shocked:

I was gobsmacked to see this section in a post by Felix Salmon today, on a new book by Jonathan Alter and a New York Magazine cover story by John Heilemann:

Both Alter and Heilemann trace the decision not to nationalize to a dinner at the White House in April 2009, attended by Paul Krugman, Joe Stiglitz, Alan Blinder, Ken Rogoff, and, at least according to Heilemann, Jeff Sachs as well. Krugman and Stiglitz were in favor of nationalization, but we open about the fact that it would be an expensive and fraught course of action; Obama, faced with an alternative, sensibly took it.

Huh? This is a complete and utter fabrication. And Felix gives Alter and Heilemann a free pass for deciding to take dictation from Team Obama rather than do basic reality-checking?

It was obvious LONG before April that the Administration had NO interest in nationalizing financial firms; Geithner made that clear as of his very first policy statement on the financial services industry as new Treasury Secretary. Merely searching my archives, I find...


Somebody should take a look through the "progressive" blogs to see whether the revisionism is propagating; I don't have the heart. (This dinner is the dinner where Obama slipped the Kool-Aid into Krugman's wine-glass, but somehow I doubt that's going to be the story hook for the access bloggers....)

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