In trying to figure out whether Treasury Secretary Timothy Geithner’s plan to subsidize investors buying toxic assets from banks makes any difference in the lives of people living in blighted communities, I’ve been talking to housing advocates and economists.
Dean Baker, co-director of the Center for Economic and Policy Research, More…
If you thought Yves Smith at Naked Capitalism was upset on Tuesday over Treasury Secretary Timothy Geithner’s bank rescue plan – recall the word “fiasco” was used – it’s nothing compared to today’s further reflections.
From Naked Capitalism:
As we, and increasingly others, have said, the Obama economic
Treasury Secretary Timothy Geithner is just now announcing the details of the administration’s bank bailout plan, but Naked Capitalism already has a verdict - Fiasco!
Here we have another scowling Treasury secretary, with a bit more hair than his predecessor, serving up the same fatally flawed approach as
Naked Capitalism looks at Citigroup’s purchase of its new $50 million corporate jet, just as the bank keeps itself afloat with billions of dollars in government bailout money, and concludes it represents a culture of corporate entitlement that has became entrenched in recent years.
From Naked Capitalism:
Even
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