Krugman: For non-recourse before he was against it

Back when Geithner originally outlined the administration's bank rescue plan, Krugman wrote:

What is in it, in reverse order:

1. Super-TALF: a big expansion of the Fed’s quantitative easing, with Treasury backing. I’m OK with that.

What's the TALF? A Fed program that provides -- wait for it -- non-recourse loans to private investors to buy certain ABS.

Now, however, Krugman thinks providing non-recourse loans to private investors to buy certain toxic assets is an unconscionable subsidy, and prima facie evidence of regulatory capture.

Sigh. I remember when Krugman stuck to subjects he at least vaguely understood.