Posted on 03/29/2009 11:31:12 AM PDT by AJKauf
Missed in the wake of the titanic battle over the president’s budget has been the reaction to Treasury Secretary Tim Geithner’s plan for a public-private partnership to clean up the toxic assets still sitting on the books of many of the nation’s largest banks.
The Financial Times reports:
" The liberal backlash against President Barack Obama has begun with many prominent left-leaning economists in the US attacking the administration’s plans to bail out the banks. Paul Krugman describes the toxic asset purchase plan as “cash for trash.” Jeffrey Sachs calls it “a thinly veiled attempt to transfer hundreds of billions of US taxpayer funds to the commercial banks.” Robert Reich depicts Tim Geithner, Treasury secretary, as a prisoner of Wall Street while Joe Stiglitz says the plan “amounts to robbery of the American people.”
Liberals’ criticisms are three-fold. First, the public-private partnership which Geithner has devised is a huge taxpayer subsidy and get-rich scheme for hedge funds and financial institutions, which reap almost all the rewards and bear virtually none of the risk. Second, they observe that the scheme is unduly complicated and nontransparent — the same faults which contributed to the financial meltdown.
(Excerpt) Read more at pajamasmedia.com ...
I think they are toast.
Public-privat relationship... LOL!!! 95% subsidized, taxpayer secured investments. Oh yeah, well get a real fair estimation of the value of the toxic assests that way...
Pretty sad day for Republicans when Krugman is the one explaining why Obama’s deal is bad for us.
Consequently I think it is GREAT when other leftists begin to criticize Obama, since they feel that leftists are the only one's worth listening to.
This is interesting. Just last night I had a phone conversation with a relative and told him I was changing party affiliation to libertarian. I’m about fed up with republicans.
Lord knows they are not on the side of the Constitution. Sad but true.
Good for you...I’ve been saying for a long time that people who truly care about the Constitution & limited government should start looking elsewhere.
As most public-private partnerships usually are.
I don't want the Government "partnering" with anyone.
Toss on top of that if you do invest and make money at it, next week Congress might decide that you deserve a 99% tax on your "windfall" even though they agreed to the terms beforehand.
The GOP sounded bad when they said they had an alternative plan to zer0’s but they would not get into any specifics. They could of hit one out of the park. Why would they stand in front of the press without a plan?
I feel like changing parties myself. No money for this party from me.
Whose side is the GOP on?
The side that fills their own coffers.
It’s all about power, and if they can’t have that, they’ll take the money.
Even sadder when Orrin Hatch, and a Texas congresscritter or two, are focusing their wrath on the College Football BCS.
I'm having heap big trouble taking Pubbies seriously.
Sorry, but why glorify Krugman for finally coming around. Most of us who have been paying attention knew Obama was clueless on the economy.
We all know all of Washington is clueless. And MSM is useless.
Krugman is late to the party . The alcohol’s been drunk and we’ll be cleaning up the mess for years. Unless we’ve drunk so much we can’t wake up from our drunken stupor. Unfortunately, that could might be the case.
Um, ... suicide?
They are on the side of the country clubs of course.Sure as hell aint the middle class.Pathetic bunch.
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