{Empty title} | The Nation

If lenders aren't compelled to participate, there is no program. Obama himself would have to say that his accomplishment is to have created a second program in which lenders do not police themselves.

And while we're on the subject of lending, there's the matter of the new and improved student loan program. When the government gets into the business of lending (with bailouts being an essential part of that business), hedge funds managers no longer merely salivate, and must find themselves on their ways to being divinely orgiastic.