[jyl]

Look, guys, the govt is not a bunch of dumb*****s.

Okay, maybe some individual Congressmen are. But the people at Treasury, at the Fed, on Barney Frank and Chris Dodds' staffs, etc - they are not stupid at all. Actually they are pretty damn smart. It simply so happens that this is a big, complex, rapid, evolving crisis that is beyond any easy insta-solution.

I've been watching the govt grapple with this crisis. I don't agree with plenty of their decisions. But all those decisions have at least been rational choices, based on reasonable economic and capital markets analysis. None have been crazy whack ideas that could only be dreamed up by drunks in a bar. Which is what this "seize the accounts" idea is.

So, I stand by what I said: the govt is not this stupid.