Posted on 03/24/2009 2:43:08 AM PDT by TigerLikesRooster
Obama and Geithner gambling with their country's financial reputations
Barack Obama and his Treasury secretary, Tim Geithner, are starting to look like gambling addicts.
By Damian Reece
Last Updated: 8:09AM GMT 24 Mar 2009
Comments 3 | Comment on this article
Having seen the worst elements of casino capitalism ruin Wall Street and generate billions in losses, the pair have stepped back to the roulette table and plan to place up to $1 trillion (£690bn) on black to try to win back the banks' losses and restore America's financial credibility. All they can do is hope the spin doesn't end in the red.
Even the name of their latest bail-out plan – the Public Private Investment Program – sounds like the sort of financing partnership we have seen fail here all too often when applied to infrastructure investments such as the spectacular train wreck that was Metronet, the bust public private partnership (PPP) for parts of the London Underground. The UK Government's often flawed attempts at clever infrastructure funding and Geithner's plan have a lot in common.
(Excerpt) Read more at telegraph.co.uk ...
Ping!
Remind me again.......
What was TARP for?
Toxic Assets
TARP was for the bait and switch at Fannie/Freddie Mac.
Billions of dollars later, no one seems to really know where the money went or what it was used for, other than a few AIG employees getting $165 million.
This all sounds so familiar...like didn’t we spend money on this already?
http://bailout.uslaw.com/?page_id=353
Special interests who donated to the DNC.
They are like gambling addicts who have double morgaged their homes, and are heading back to Vegas for one more double down binge, hoping to recoup it all.
That is our national financial plan.
There were a group of frogs, carefree in their little pond. They enjoyed every day free to choose their own path. Eventually, jealousy set in and they decided to be like other animals and have a ruler.
They petitioned Jupiter and demanded a king. Jupiter laughed at their foolishness and dropped a log in the middle of their pond. The noise and splash terrified the frogs and they hid in the grass all day. Soon they realized the log would do nothing. They sunned on it and dove off it, paying it little respect and feeling slighted by Jupiter.
They demanded a real king. Jupiter complied by sending a stork. The stork had a feast of little frogs. The survivors hide in the grass to this day.
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