Thursday, February 26, 2009

"It’s Japan all over again"

By Creature

Here's the thing, while I appreciate the attempts to put some checks on banks and some transparency to the bailout transactions, the administration's new game plan is really a lipstick-on-a-pig scenario. The first half of TARP didn't work. Credit is still basically frozen and those toxic assets still stink up balance sheets. Yes, the first half of TARP may have staved off total collapse, but now the Obama administration plans to spend the next half in almost exactly the same way and request even more money from Congress. In the end they are just buying time and hoping things work out. How very Bush of them.

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