Are you a friend of TurboTaxcheat Timmeh? Then you are obviously aware that friendship has its privileges. Expect to be unbelievably & unjustly well-compensated when you unload that shitload of taxpayer-subsidized toxic sludge onto unsuspecting pension funds/401ks.
How to Destroy the Government in Three Easy Steps [truthout]
How to create a financial crisis [examiner.com]
Mish’s take: Shitehner’s Arrogance Knows No Bounds
Geithner’s Gift to Hedge Funds [Mike Morgan]
Stiglitz Critical Of Geithner’s PPIP [Reuters]
“The U.S. government is basically using the taxpayer to guarantee against downside risk on the value of these assets, while giving the upside, or potential profits, to private investors.” -Joe Sitglitz
From the trenches:
83-year-old condo owner with onerous mortgage is ready to walk away [MW]
Public-Private Investment Program for Dummies: How does the new Treasury Plan Impact Housing and the Market? Poorly Planned Investment Program (PPIP) [Dr. Housing Bubble] A must-read. If you read only one of these links, make it this one.
“We are not going to have a Japanese experience. Japan zombified banks. With this plan we just zombified the taxpayer.”
Who insures the insurers?
Bernanke Bombshell: AIG Insurer Exposed to FP [Barry Ritholtz]
The taxpayer of course!
Obama- bring back Glass-Steagall already! What the fuck are you waitin’ for?!?!?
Are Treasuries another bubble? Should you buy them?
The Answer, of Course, Is ‘No’ [financial armageddon]
The implications of the reckless, untested-and-unproven Shitener and Bukkake ‘plans’ will have on the USSA’s credit rating- and potential debt default (hellloooo GD2.0) will BLOW YOUR MIND!
Mike Whitney: Geither Screws The Public To Benefit The Banks, Again [patrick.net]
This bailout plan is no different from Hanky-Panky’s failed MLEC/Super SIV ‘plan.’
What more proof do you need that even though we had an election, the new boss is same as the old boss? Yeah I know, the new one is black, but why should race matter? A puppet is a puppet. Bush=Obama=Panky=Shitener=Bukkake=Rubin=Summers=Bair.
“Just when we thought it was over, it was only the end of the beginning.”