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Just say no. The Federal Treasury already smells like a dumping ground. Four months ago the US government gave an outrageous amount of cash to the reckless leaders of failed institutions. That investment was wasted. Throwing money at wolves won’t save the livestock.
Fools Get Fooled Again
Wall Street didn’t care for Treasury Secretary Timothy Geithner’s proposal to spend $2 trillion in public funds to fix the tanking economy. The Dow Jones industrial average immediately dropped 5 percent. Perhaps Secretary Geithner should have offered up his proposals on a golden platter.
When the legislature spends money on roads, bridges and infrastructure, at least taxpayers can see a tangible return on their investment. Money handed over to insolvent banks just disappears into thin air. Funny how that works…
Keeping the Mint Busy
Apparently, the government still has plenty of good jobs available. Foreclosures need to be processed. The bankruptcy courts are hiring. I understand that the US Mint just received an order to print up another trillion dollars or so. Better get a few extra bodies for the late shift.
March 9th, 2009 at 6:25 pm
[...] Federal Reserve chairman Ben Bernanke continues to claim that AIG is too big to fail. This is the group that received $85 billion from taxpayers last September, $65 billion last November and another $30 billion last week. And the company still can’t tell us how much more they’ll need. AIG has already failed. [...]
March 27th, 2009 at 7:31 am
[...] false starts, the US Treasury has finally come up with a plan for private investors to purchase toxic assets owned by troubled banks. We’re to believe that this new deal will then free up credit markets [...]