Simon Johnson, professor at MIT's Sloan School of Management, senior fellow at the Peterson Institute for International Economics, co-founder of BaselineScenario.com, and moderator of The Hearing, a new WaPo forum for debating the economic policy questions in Washington, argues that Obama's latest plan to raise capital for the banks isn't worth the paper it's printed on.

--Ben Eisler

For more on preferred versus common stock, read The Baseline Scenario's breakdown.

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