In what may have been the worst weekend for the US economy since the fall of 1929, the US blogosphere exploded about Barack Obama's "Katrina moment."

In his Saturday New York Times column, Nobel Prizewinning economist Paul Krugman reported on the leaked Geithner plan for the American banks, and declared: "The zombie ideas have won...What an awful mess."

Other respected economics blogs like naked capitalism agreed: "One would have to be a criminal to participate in this."

A top economics blog, Calculated Risk, ran a YouTube clip of a song from last fall: "Hey Paul Krugman," asking him to do more to save the country.

Ex-Republican blogger John Cole summed it up:

The Illness - reckless and irresponsible betting led to huge losses

The Diagnosis - Insufficient gambling.

The Cure - a Trillion dollar stack of chips provided by the house.

The Prognosis - We are so screwed.

Another New York Times columnist, Frank Rich, quoted a letter to the editor: "President Obama may not realize it yet, but his Katrina moment has arrived."

Canadians will have to wait to see if they're in the path of the storm, and what the Harper government will do about it.

Crawford Kilian is a contributing editor of The Tyee.