Socialist governments are snickering.
The taxpayer always loses. That’s the whole point of getting yourself into a top political position. To funnel tax-payer money into your own and your friends’ pockets. The Bush clan was expert at it. And if Obama is not intentionally playing that same game, then he’s a nice little dupe.The Geithner plan has now been leaked in detail. It’s exactly the plan that was widely analyzed — and found wanting — a couple of weeks ago. The zombie ideas have won.The Obama administration is now completely wedded to the idea that there’s nothing fundamentally wrong with the financial system — that what we’re facing is the equivalent of a run on an essentially sound bank. As Tim Duy put it, there are no bad assets, only misunderstood assets. And if we get investors to understand that toxic waste is really, truly worth much more than anyone is willing to pay for it, all our problems will be solved.
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....but hey, do what you want....you will anyway.
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