Thursday, January 29, 2009

Shoveling crap to the American taxpayer

By Creature

While I do believe something must be done about the toxic assets that are stinking up (and clogging up) our banking system, I do not believe paying "higher than they will fetch on the open market" is the way to go. If a "bad bank" is going to be set up, fine, just make sure those assets are discounted upon sale and that those who made the deals to acquire these crappy assets do not get to happily move on.

On the other hand, if the Obama administration is so keen on setting up a bank, why not set up a "good bank" that will responsibly loan money and eventually fill the vacuum when Citibank and Bank of America collapse under the weight of their own stupidity.

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