DeLong doesn't believe the Obama administration is giving the public a narrative about the Geithner plan.

If the Obama administration were selling any of these three lines of narrative--or were selling all of them--it seems likely to me that it would be having more success is building support for its strategy. But I do not think that it is selling any of these narrative lines to make sense of its policies. Indeed, I do not know what the narrative story it wants to tell about the current situation is.

As I understand, Obama explained that the credit markets have stopped working (and the Fed has already lowered interest rates to zero). They have a three-pronged approach: the first leg of the "stool" is the stimulus, to kick-start consumption and employment.

Second, mortgage relief so people stay in their homes, keep their jobs, and continue to spend. Also this is to help the banks.

Third, TARP and the Geithner plan - or son of TARP plus stress tests, etc. - to sort out the banks and get credit markets flowing again after the stimulus kicks in.

James K. Galbraith doesn't believe the Geithner plan will get credit moving again.

The dismal science is sexy again!