At least Geithner has more hair than Paulson
Otherwise, not much difference, except possibly for the worse. At least the last time, we had the excuse of ignorance and NOW NOW NOW. Fool me once...
[M]y sense that Team Obama is making this up as they go was confirmed by an e-mail from Robert Radano:
Treasury briefed the Senate Banking Committee tonight regarding Geithner’s plan to be announced, tomorrow…Tuesday.
There is no plan.
The Senate received no briefing, no documents. Press reports, leaks mostly, are as accurate as anything the Admin. has discussed with the Hill.
There are only two conclusions to draw from this. Either Treasury has not yet decided on a plan. Or for some unknown reason has decided not to confide in the Senate Banking Committee.
The markets have anticipated both a stimulus bill and a comprehensive TARP 2. Instead, markets will get a stimulus bill with marginal value and a muddled TARP.
As one astute reader commented yesterday:At least Paulson announced his plans. Not that he ever did anything he announced, but that's a small technicality. These guys can't even make an announcement.
Let us not forget that Paulson did manage to dispense the better part of $350 billion in a blinding show of Mussolini-styled corporatism. The new Treasury secretary exhibits similar Italian fascist tendencies, with even less ability to make the trains run on time.
That was Yves. The White House phone lines -- haw -- are already jammed. That's because, as Lord Eschaton puts it, "this is bullshit." Why?
Because the fundamental problem is what it has always been: How to value to toxic assets. But they don't have any value; that's why they're toxic. Honestly, the banksters are driven by greed; does anyone imagine that if there was a drop of blood to be sucked, or a nickel to chisel, they wouldn't have already found it?
Unfortunately for all of us, the people who own the toxic assets are also running the country; they can't admit that they're insolvent. So they want to take our money to make themselves whole.
Na ga happen.