– Text of Draft Proposal + NYT explainer

– Conrad Black&#8217-s take on the financial meltdown

– Takes from 3 economists

– More links here. More links, again.

– UPDATE: Paul Krugman says the plan does not address the real problem.

– UPDATE: More Krugman

Some are saying that we should simply trust Mr. Paulson, because he’s a smart guy who knows what he’s doing. But that’s only half true: he is a smart guy, but what, exactly, in the experience of the past year and a half — a period during which Mr. Paulson repeatedly declared the financial crisis “contained,” and then offered a series of unsuccessful fixes — justifies the belief that he knows what he’s doing? He’s making it up as he goes along, just like the rest of us.

Exactly.