MSNBC's Brewer: There is no budget in GOP budget

Surprised? Not! Here is the description of the GOP budgetless budget and adding a little of Krugman flavor.

TPM:

There were few details in today's outline of the House Republican budget alternative -- but on the thorny question of future bank bailouts, the GOP had a clear plan. And it looks a lot like Paul Krugman's preferred method.

TPMDC noted the first stirrings of the GOP's Krugman love earlier this week, when House Minority Whip Eric Cantor (R-VA) joined the liberal economist in lamenting the taxpayer subsidy built into the Obama Treasury's latest bank rescue plan. But today's Republican budget alternative goes even further, directly repeating Krugman's past criticism of the Treasury's bailout ethose:
In sum, the message with bailouts of this magnitude is that your profits will be private but your losses socialized.

Now, House Republicans go on to extrapolate a future of socialized losses as well as profits -- a prediction one suspects Krugman would reject. And then they go right back to Krugman-ville with this proposal:

[O]ur plan supports a process to address insolvent institutions that stops throwing good money after bad into failing institutions and places insolvent ones into temporary receivership. ... For insolvent firms, either the FDIC or a Resolution Trust Corporation-type entity would restructure these firms in receivership by selling off their assets and liabilities, reappointing private management, while protecting depositors -- a process that builds off Washington Mutual's arranged sale last year.

Here's how Krugman suggested combating the financial crisis back in January:

A better approach would be to do what the government did with zombie savings and loans at the end of the 1980s: It seized the defunct banks, cleaning out the shareholders. Then it transferred their bad assets to a special institution, Resolution Trust Corp.; paid off enough of the banks' debts to make them solvent; and sold the fixed-up banks to new owners.

And here is the reaction from MSNBC:

MSNBC's Contessa Brewer had much the same reaction to the House GOP's alternative budget as did our own Elana Schor. "Where's the beef?" She sounded off in what her co-anchor called a "rant", but what might have better been described as an accurate assessment of the Republicans' budgetless budget.


Update: Rep, John Boehner was holding an 18 page pamphlet in his hands and calling it "The Recovery Road to Recovery. The Road to Recovery" report online