Timothy Geithner has had a metamorphosis from "Melvin the DC Mop Boy" to the great avenger of Toxic Assets plaguing our economy by unveiling his master plan to save America. The trillion-dollar investment seems to involve a lot of cronyism by backing up hedge-fund purchases with taxpayer money, but don't take it from me. More knowledgeable folks from all over the political spectrum are weighing in with serious criticism:
- Krugman: Triumph of the zombie economy
- TMV: Like a Nicolas Cage film, it's worse the more you look at it
- Professor Hilzoy: The Taxpayers are assuming a lot of khere.
- Commentary: "Positively Frightening"
“The practical implications of this is bankruptcy for the United States,” Gregg said of the Obama’s administration’s recently released budget blueprint. “There’s no other way around it. If we maintain the proposals that are in this budget over the ten-year period that this budget covers, this country will go bankrupt. People will not buy our debt, our dollar will become devalued. It is a very severe situation.”Unfortunately, America doesn't have the luxury of crashing in its mother's basement for a few months after making a series of boneheaded financial mistakes. All Obacalyptic rhetoric aside, the issue of a rising debt and the dollar going bust seem to be very real: