Showing posts with label Mother of all bailouts. Show all posts
Showing posts with label Mother of all bailouts. Show all posts

Sunday, February 8, 2009

Future Wealth

Is anyone following the efforts of our leaders to bail out the banks using the future wealth of an entire generation? I've read that the new initiative should be referred to as the 'Bad Asset Resolution Fund' or BARF for short. I believe this calls for tee-shirts for Linnea, Julia, Sofi and Sam that say "I spent a trillion on bad assets and all I got was this lousy tee shirt".
All solutions stink, but from what I'm reading the correct way to do this is to nationalize the insolvent banks so the taxpayers get something for their money. Remember, trying to save the shareholders is helping the same guys that gave themselves millions of bonuses with the last bailout money.
The gumment is saving the bailout details until after the stimulus bill passes so we (poor dopey public) won't won't have to focus on two things at once.
UPDATE: The Obama administration’s plan to stabilize the financial system no longer includes creating a "bad bank" but will still contain measures to encourage private firms to buy up toxic assets from financial institutions ...