Shoveling crap to the American taxpayer
By Creature
While I do believe something must be done about the toxic assets that are stinking up (and clogging up) our banking system, I do not believe paying "higher than they will fetch on the open market" is the way to go. If a "bad bank" is going to be set up, fine, just make sure those assets are discounted upon sale and that those who made the deals to acquire these crappy assets do not get to happily move on.
On the other hand, if the Obama administration is so keen on setting up a bank, why not set up a "good bank" that will responsibly loan money and eventually fill the vacuum when Citibank and Bank of America collapse under the weight of their own stupidity.
While I do believe something must be done about the toxic assets that are stinking up (and clogging up) our banking system, I do not believe paying "higher than they will fetch on the open market" is the way to go. If a "bad bank" is going to be set up, fine, just make sure those assets are discounted upon sale and that those who made the deals to acquire these crappy assets do not get to happily move on.
On the other hand, if the Obama administration is so keen on setting up a bank, why not set up a "good bank" that will responsibly loan money and eventually fill the vacuum when Citibank and Bank of America collapse under the weight of their own stupidity.
Labels: banks, Barack Obama, credit crisis, economic crisis
posted by creature at
12:54 PM
1 Comments:
there has been so much BS in the last 6 months...that i cant even rage against it anymore. we are so obviously being fleeced by those in power, and its obvious that obama truly offers more of the same. may god have mercy on the our souls, because our children that have to labor in slavery to pay off this debt probably wont.
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Anonymous, at 4:29 PM
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