Joe Klein has a great piece at Swampland:

"I've gotten the clear sense that the bankers still haven't quite realized (a) how much and why the country is so infuriated with them and (b) how much of a haircut they're going to have take on their toxic assets. ...

On late Friday afternoon, a senior Obama Administration official met with a group of Time-Warner journalists in New York and shocked the group of us by saying, "I don't understand bankers," even though he'd spent his adult life working with them. And then added that "they don't understand the scale of damage that they've done."

I suspect the next stage of this is going to be either a tug-of-war, or a flame war, between the Administration and the bankers, who don't seem to realize yet that the
economy they thrived and robbed in--the economy built on making paper profits at the rest of the country's expense--is over. That was the house built on sand Obama was speaking about in his excellent Georgetown University speech last week.

A new economy, built on rock--that is, real products not paper profits--is where the Administration is trying to point us. This will be the historic work of the Obama Administration. The bankers, and their snake-oil selling allies at CNBC and elsewhere, will claim unwarranted government intrusion, the onset of socialiam, the end of the world and prosperity and private jets."

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