Tim Geithner’s recent plan is just another in a series of ridiculous and infuriating bailouts for Wall Street. I am not surprised, because Geithner is nothing more than a Wall Street lackey, working for the interests of the bankers and not the American people. The UK Telegraph reports:
The US government plan to free beleaguered banks of up to $1 trillion (£690bn) of toxic assets will expose American taxpayers to too much risk, leading economist Joseph Stiglitz has cautioned. The Nobel Prize-winning economist, speaking a day after the Dow Jones Industrial Average rose by almost 7pc in support of the novel public-private partnership (PPIP), said that the plan is “very flawed” and “amounts to robbery of the American people.” Professor Stiglitz on Tuesday led a list of well-known economists and high-profile industry figures who have said Treasury Secretary Tim Geithner’s toxic asset plan may not be as successful as it first seems.
In the video below, Ceny Uygur from The Young Turks, does a great job at explaining the latest plan and why it is horrible for American taxpayers.
At least some elements of the left are willing to criticize and call out the Obama administration, rather than toeing party lines and placing blind faith in whatever the Democrats want to do. People are slowly starting to awaken and understand just how bad they are being screwed. The assets are “toxic,” whether you relabel them “legacy” or something else. I’ve said this before and I will say it again, LET THEM FAIL. Apologies for the caps, but it disgusts me that our government is allowing the losses from bad bets and toxic assets to be placed at the heels of the taxpayers and future generations. When the bankers’ bets made them billions of dollars, it was fine. When the irresponsible bets came home to roost and created huge losses, they want to stick the taxpayer. It is wholesale theft and only increases the chances and proximity of hyperinflation. Stay long precious metals and other commodities.
YouTube link to video