Taxpayers are already providing these banks with far more dollars than the markets say they're worth. So there's really no way to get a good deal for the taxpayers without owning the institutions more or less outright. The math just doesn't work. So we get more and more convoluted ways of structuring bad deals for the taxpayer to avoid temporary public ownership. As Krugman put it a few days ago, "the Obama administration appears to be tying itself in knots to avoid this outcome."What's as troubling as the big rip-off of taxpayer money is that what Obama's attempting on the side of rebuilding the real economy could founder on the public backlash against what looks like a very misguided way to get a handle on the banking crisis.
Taxpayers own the banks? Why that’s downright communistic! Nope, we’ll just own the bad debt. Thanks.
....but hey, do what you want....you will anyway.
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