meehawl

all that is solid melts into air, all that is holy is profaned

Bank Wars: A New Hope

by ·

Financial-market wise guys, who had been seized with fear, are suddenly drunk with hope. They are rallying explosively because they think they have successfully stampeded Washington into accepting the Wall Street Journal solution to the crisis: dump it all on the taxpayers. That is the meaning of the massive bailout Treasury Secretary Henry Paulson has shopped around Congress. It would relieve the major banks and investment firms of their mountainous rotten assets and make the public swallow their losses—many hundreds of billions, maybe much more. What’s not to like if you are a financial titan threatened with extinction?

Tags:

You may also like...

1 Response

  1. Dez says:
    2008-09-20 at 12:45:24

    800 billion dollars.

    Thats not a bail out, thats a new boat

Leave a Reply