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Old 13-02-2009, 11:41 AM   #1
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Default Financial Meltdown: The TARP Dog and Pony Show

Financial Meltdown: The TARP Dog and Pony Show
Treasury Secretary Timothy Geithner's long-awaited plan for rescuing the banks left people even more confused about the Obama administration's agenda than they had been before the announcement. This is best demonstrated by the plunge in the market, including bank stocks, that immediately followed. While it is generally foolish to assess the merits of a policy based on the market's response, it is a safe bet that if the plan were the unambiguous bonanza for the banks that many of us feared, bank stocks would rally based on their good fortune. At this point, we cannot be sure that it is not a giveaway, but apparently the banks do not seem to think that it is. This is one of those cases where everything will depend on the details, which we have not yet seen.

The one program that Geithner did outline with some clarity was a plan to buy up newly issued investment-grade securities backed up by car loans, credit-card debt, and student loans. This plan would expand a Federal Reserve Board initiative, which has not yet been started, from $100 billion to $1 trillion.

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Old 13-02-2009, 10:50 PM   #2
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heard Sir Simon Jenkins on news tonight
said- 'the money shd b goin into the economy where it can do some good not the banks who've cocked evryting up'

makes sense 2 me..
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