There's debate raging all over as to whether this will do the job. This blog claims no great economic expertise, but, nonetheless, is not happy to see that the hedge fund crowd is going to get richer than ever out of this rescue -- assuming it works. Isn't this the crowd that led us over the edge?
Here are a couple of links to commentary on the plan:
- Paul Krugman in the New York Times reacts with despair.
- Brad DeLong thinks it's pretty good.
- Atrios blogs up a storm on it.
5 comments:
Obama and Geithner Knew and Bonuses Flew. There are many reasons we cannot trust Geithner. Chief among them is the grossly incompetent way the treasury has handled the AIG bonuses. Both Obama and Geithner knew of the bonues and then acted outraged when the public showed uproar. In addition, they still have not corrected mistakes like TARP. They
should correct what mistakes were done in the past before they ask for more money. Otherwise we are burning money. Get the full details here:
http://tinyurl.com/obamaknew
You HAVE to watch the colbert 'rapport' AND, especially jon stewart ... they've been nailing this since day one.
Especially the new acronym for the 'war on terror'. You HAVE to see the guy from the pentagon as he shuffles through the paper to get the words right.
I saw it on Jon Stewart. I still can't really bring myself to watch 'the noos' Here's a faux link
Larry.....easy on Obama and his team. He can not do everything in just two months, And he has to let people know that he is not dumb (many people still believes that). What we should be asking, like very few people have suggested, is why we could not let the FP division of AIG answer, according to the principles of Capitalism and Fre Enterprise we have tried to follow since Reagan, how they were able to sell derivatives, which are, by nature, risky investments, to knowledgeable financiers who knew they were speculating, and believe that, at the end, the government was going to bail them out? Could somebody explain that to me? Who is going to swallow the argument that nobdy knew what was going on, and that now that we are in trouble, we need the people who got us in that position to help us out? Are we really that stupid as the politicians think we are???????? There is still somebody President of the FP Division of AIG who is telling the government that he may nedd some more money to pay off speculators who knew they were gambling. Is like if I buy a lottery ticket, and when I don't win, I go to the government to ask for the price. Nice......is this free enterprise? Is this what they call "the invisible hand"?
Look forward to some comments......
By the way, what is the DEC doing about the crisis we are in? Should we not be expecting some leadership and dirction from our leaders in moments of difficulty and trouble? Are we going to let the Republican party continue singing the same old song and sending their representatives to public office while we complain amongst us and tell each other how bad things are?
Let's hear some comments.......
Why did they think the government would bail them out? They follow economic history and they know that governments always bail them out. It happened in the 1990s and in the 1980s -- just a few examples within recent memory. On the other hand, they probably also thought that they'd figure out how to stop and realize profits before the bubble burst.
Post a Comment