Krugman on Geithner's "Plan"

"Meet the new boss, he's the same as the old boss" (The Who, We Don't Get Folled Again)

Paul Krugman’s thoughts on the Obama bailout plan –

“Now, early on in this crisis, it was possible to argue that it was mainly a panic. But at this point, that’s an indefensible position. Banks and other highly leveraged institutions collectively made a huge bet that the normal rules for house prices and sustainable levels of consumer debt no longer applied; they were wrong. Time for a Swedish solution.”

His posts from this morning -

http://krugman.blogs.nytimes.com/2009/03/21/despair-over-financial-policy/

http://krugman.blogs.nytimes.com/2009/03/21/more-on-the-bank-plan/

The “plan” is simple – bailout the crooks that got us into this mess with taxpayer money, then take their generous campaign donations and get the hell out town before the US Treasury goes bankrupt.

Obama is just another con man – proving once again that it is character that makes the man and not the color of his skin.

If Krugman's posts make you upset, the Yves' will set you off -

http://www.nakedcapitalism.com/2009/03/investor-on-private-public-partnership.html

Click here to see how this toxic crap is actually pricing and how the CDS insurance is pricing in default on the paper TALF and Geithner will be buying with your and my money -

http://zerohedge.blogspot.com/2009/03/true-state-of-cmbs-market-and-reason.html