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The Crisis Without an Obvious Solution

The most immediate crisis facing Obama is also the one that he doesn't yet have a plan to address. Edmund L. Andrews
writes in the New York Times: "The president's advisers watched most
banking shares fall sharply on Tuesday, reinforcing what Obama
officials have known for weeks: that their most urgent financial
problem is an immense new wave of losses at banks and other lending
institutions that threatens to further cripple their ability to resume
normal lending. . . .

"While Mr. Obama's top advisers view the
black hole in bank balance sheets as one of their most pressing
problems, they cautioned that they would not be pressured into
announcing a plan before they had carefully thought through all the
options. Instead, they are scrutinizing an array of solutions, each of
which has pitfalls and poses its own risks and dangers."

By Dan Froomkin  |  January 21, 2009; 2:37 PM ET
Categories:  Financial Crisis  
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