Monday, March 30, 2009

Obama's Banking Folly

Here, two of the brightest people on the planet explain in some detail what's going on with BHO's toxic asset bailout plan. The press calls it Geithner's plan, but let's be clear about who to hold responsible for the mess.

Reading all of Posner's and Becker's articles is a bit of a slog; helpful if you can make it all the way through without your eyes glazing over. But in the end, neither Posner nor Becker mentions the really troubling element of BHO's toxic asset bailout plan. That would be the idea of bailout in the first place.

Someone needs to explain why really rich folks should be bailed out at all. That's all that's going on. Really rich folks who took too much risk and lost don't want to take it in the neck. Whaaahhhh, whaaaaahh. Suck it up, cry babies.

Henry Paulson got the ball rolling, but BHO has kicked it down the street. This is change we can live with? Yeh, right. Business as usual if you ask me.

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