Monday, March 23, 2009

Just say NO to Taxman Tim's newest bailout scheme!

Treasury Secretary Tim Geithner wants to use more of our tax dollars to benefit his Wall Street cronies. Isn't it obvious that this $1 trillion bailout was designed by the same insiders - Paulson (R-Goldman) and Rubin (D-Goldman) - who gave us the $700 billion Bush bailout? Why give them more money?

I haven't yet gotten into the details of this Treasury plan, but in a matters of minutes I found one clause that is ripe for favoritism being provided to the insiders:

To start the process, banks will decide which assets – usually a pool of loans – they would like to sell. The FDIC will conduct an analysis to determine the amount of funding it is willing to guarantee. Leverage will not exceed a 6-to-1 debt-to-equity ratio. Assets eligible for purchase will be determined by the participating banks, their primary regulators, the FDIC and Treasury. Financial institutions of all sizes will be eligible to sell assets.

There you go. I can't wait to hear the criteria that will be used in conducting that analysis. I wonder what the chances are that Goldman and the other Insiders will be receiving the most favorable terms... while those not in favor will be receiving less favorable terms.

Of course, no one will be portrayed as the Insiders that they are. Instead they'll be portrayed as "steady, stable firms."

What a joke.

Just say NO to Geithner's $1 trillion scheme.

Tim White

2 comments:

Anonymous said...

and the taxpayer will cover almost all of the loss, but only get some of the gains.

How about he just hold a damm auction and sell the crap to the highest bidder?

tim white said...

How about he just hold a damm auction and sell the crap to the highest bidder?

But then some of the people he represents (his cronies, not the American People) may lose some money.

Geithner is all about fear tactics. He basically wants everyone to believe that civilization will end, if we don't do as he says.

As for this being "Change I can believe in," well... I'm not so sure about that.