Jump to content

Archived

This topic is now archived and is closed to further replies.

"The Zombie Ideas Have Won"-Paul Krugman on $1 Trillion Geithner Plan

Politics   (502 Views 5 Comments)
6 Followers; 99,018 Visitors; 15,840 Posts
If you find this topic helpful leave a comment.

"the zombie ideas have won"-paul krugman on $1 trillion geithner plan to buy toxic bank assets

treasury secretary timothy geithner is preparing to unveil a plan today to purchase as much as $1 trillion in troubled mortgages and other assets from banks.

the government is reaching out to hedge funds, private equity firms and sovereign wealth funds to help buy the toxic assets.

the obama administration has described the plan as a public-private partnership, but most of the actual money will be put up by the government. we speak with nobel prize-winning economist and new york times columnist, paul krugman....

http://www.democracynow.org/2009/3/23/the_zombie_ideas_have_won_paul

Share this post


Link to post
Share on other sites

Krugman may have thought they were "Zombie" ideas but apparently Wall Street thought there was "Life" in them. The Dow gained 497 points today.

Share this post


Link to post
Share on other sites
U.S. Seeks Expanded Power to Seize Firms

Goal Is to Limit Risk to Broader Economy

The Obama administration is considering asking Congress to give the Treasury secretary unprecedented powers to initiate the seizure of non-bank financial companies, such as large insurers, investment firms and hedge funds, whose collapse would damage the broader economy, according to an administration document.

Wow, that is a lot of power given to someone who I wouldn't even let balance my checkbook!

Share this post


Link to post
Share on other sites

Re: “The Zombie Ideas Have Won”–Paul Krugman on $1 Trillion Geithner Plan

U.S. Seeks Expanded Power to Seize Firms

Goal Is to Limit Risk to Broader Economy

The Obama administration is considering asking Congress to give the Treasury secretary unprecedented powers to initiate the seizure of non-bank financial companies, such as large insurers, investment firms and hedge funds, whose collapse would damage the broader economy, according to an administration document.

Wasn't it the "unprecedented power" given to the Treasury Secretary By TARP I that led to lack of oversight on issues like AIG bonuses, as well as the lack of an effective plan to take toxic assets off the books at that time?

How is "unprecedented power" of any single official good for the People of America?

Share this post


Link to post
Share on other sites
Wow, that is a lot of power given to someone who I wouldn't even let balance my checkbook!

And who apparently couldn't do it, even if you let him!

Share this post


Link to post
Share on other sites
Guest
This topic is now closed to further replies.
×