“I don’t call this a plan; it’s a tease,” said Bert Ely, principal at bank consultant Ely & Co. Ely said that among other things, he was nervous about how the government will handle the sales of assets. “The devil’s in the details, but the details weren’t there.”
Notable and Quotable
Posted in * Economics, Politics, Economy, Office of the President, Politics in General, President Barack Obama, The 2009 Obama Administration Bank Bailout Plan, The Banking System/Sector, The Credit Freeze Crisis of Fall 2008/The Recession of 2007--, The U.S. Government, Treasury Secretary Timothy Geithner
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Haven’t heard this talked about at all:
The current “fixes” and handouts are just Part 1 of a 2 Part mess. Part 2 comes over the next 20 years as retirees will have to go on welfare because their pensions and retirement accounts went to hell…mine included. 401k’s aside, there are pension funds that are totally out of the average person’s control in that pension boards have control of them. Now that a good many of them have been wiped out or irreparably damaged by inattention, how will retirees fund their old age?
WELFARE.
Part 2 coming up. The “bail out” has only just begun. We’re not even at the end of the beginning. Things will be terrible for about the next 20 years.
Thanks to you golden parachute crooks and Congressional socialists.
They rake the automakers over the coals for a paltry $20 billion loan, demanding extensive commitments and business plans, but this character Geithner gives Congress a plan barely worthy of a cocktail napkin for TRILLIONS of dollars in toxic assets? Even more puzzling: Obama overselling Geithner and his “plan” during his press conference. Did Obama really think this was great or was he throwing Geithner (deservedly) under the bus?
Is it too early to ask for an ‘Exit Strategy’? You’re doing a heckuva job, Timmy.