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:
See what the others have said:
5 comments:
Tiny Tim Geithner and Helicopter Ben Bernanke are going to ruin this country. They both need to GO!
http://fargoneworld.blogspot.com
It is dismal. If Obama is to bring us the change-o-matic promised, he needs to boot out the Wall Street insiders, as Talitha says.
Obama must break it down, and put the middle class at the head of his concerns.
I'm sure most people will look at that graphic and note the presidential election years when they really should look at the majority power in congress. Also note the decline of the difference even while Iraq raged on. Wars typically aren't good for economies but it was holding steady, and even growing during that period, until the dems took control anyway.
OGD,
One of the biggest criticisms I have of the GOP is that they were reckless spenders while in power until 2006. What the hell was that free prescription drugs for geezers plan about?
What really made me sick was watching the DOW climb today. Wall Street truly does not care for the country's well-being in the long term. Just make the loot now.
This "toxic assets" purchase is going to end poorly for us all.
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