Sunday, March 22, 2009

Wall Street's Mole

Treasury Secretary Timothy Geithner is either conveniently incompetent (from the perspective of Wall Street) or a double-agent sent by financial firms to steal whatever remains of wealth in America.

His latest plot -- um, "rescue plan" -- calls for the American taxpayer to put up as much as 97 percent of the money to buy bad debts ("toxic assets") from banks. The remaining fraction is to be provided by investment firms which will, no doubt, use this to justify incredibly large bonuses for the lucky few at the top.

Warnings seem to fall on deaf ears. Perhaps that's because those ears belong to the bad guys. Obama should think about what the bankrupt firms would have done had they been able to design their own bailout plan without government interference. Would it have differed in ANY significant respect from Geithner's?

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