The latest banking rescue plan proposed by Treasury is to give private investors non-recourse loans at subsidized rates to buy up the banks' toxic paper. Once again the tax payer takes on all the risk and the private sector takes all the profit. This mind-numbing insistence by Obama/Geithner to keep pushing papered-over permutations of a bad policy even the Bush administration had the good sense to abandon is completely incomprehensible.
:: posted by buermann @ 2009-03-04 11:26:08 CST |
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