Stop learning about this crap through pundits and bloggers. This is why it's a crime that newspapers are dying as it coincided with Americans getting more partisan and stupid. Here it is (click) from the source, unfiltered. There are links to other detailed Treasury docs. Study them. There'll be a quiz.
Along with the Stimulus Plan, this action, the TARP and TALF represent an opportunity for African Americans to rebuild this nation's financial, transportation/physical, commercial and health infrastructure. We were shut out of other building and expansion phases...though as slaves we provided not only the labor but the manifestation of capital and cash sources needed to create commercial enterprises, finance, etc. which grew this nation from nothing. Well, asset managers & planners, small businesses, minority banks, small credit unions, federal contractors, advisors to community planners/local govts, construction firms, hospitals, researchers, housing advocates etc.--all of color are waiting to show what we can do...now that Mr. Charlie & Missy Anne have *ucked it up. Step aside...
13 comments:
I think they wrote this with a shovel. "Legacy Assets"? Nice name for "rancid crap". "...risks were not fully understood"? No, the risks were fraudulently hidden, and still are. The thing goes downhill from there. I agree with Krugman: It ain't gonna work.
"...now that Mr. Charlie & Missy Anne have *ucked it up. Step aside..."
ROFL!
I am trying to understand this process. The thing I don't get, on the outside, is why the GOP (and scumbags like Judd Gregg who used Obama just to get the spotlight) attack this approach when (1) they have no solution of their own and (2) there doesn't seem to be an alternative.
How about just rebuilding capitalism under a new model? Is that what Paul Krugman would say? It seems to be the only solution.
In line with DeLong's comments:
http://delong.typepad.com/sdj/2009/03/the-geithner-plan-faq.html
Chris
When is the test? I do not believe you understand what you read. You pay $84 FDIC(you and me the taxpayers) guarantees $72. The taxpayer then puts up 50% of the rest as a non recourse loan. How is this a good deal? I'd rather outright own the assets of the banks, by liquidating through the normal FDIC process' and making the shareholders and bondholders lose for supporting incompetent management. Private capital can buy it from us the taxpayers when the economy recovers.
Well, we could nationalize the lot of them, and decapitate (figuratively) the officers and insider boards of about every Fortune 500 firm...but you'd really hate that, wouldn't you? That's my solution. Put what's been labeled proper capitalism these past 4 decades in the woodchipper; the mulch that comes out fertilizes a new capitalist paradigm...
Nice snark but it's not a plan. We would end upclosing no more than 20large financial firms.
I want them liquidated because the way we are treating them is like a patient on life support that's brain dead. We keep trying to bring them back.
It's time to pull the plug and harvest the organs. The heart (depositors)can't be sold but corneas(insurance companies), liver(nah these were drunk banks), kidneys(brokerage houses), sinew, ligaments etc. These pieces will heal other hurt people. It cauterizes the emotional and financial hurt going on. They're dead and you still get a bill from the hospital(taxpayer loss)and move on.
I'm not being snarky. I think we need more Hugo Chavez, less Reagan/Milton Friedman (especially since David Stockman abandoned the fold long ago).
Better still, rework the culture and actual structure of the big banks. At least board member being truly an outside director...as outside as they come. perhaps a community activist, or some sort of ombudsmen. Hey!
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