Wednesday, March 25, 2009

Shafted again

They don't use the D word, but neither Martin Wolf nor James Galbraith is impressed by the Geithner plan.
If this scheme works, a number of the fund managers are going to make vast returns. I fear this is going to convince ordinary Americans that their government is a racket run for the benefit of Wall Street.
writes Wolf.
What’s not to like about [the plan], if you’re a big bank?
says Galbraith, who continues
The ultimate objective, and in President Obama’s own words, the test of this plan, is whether it will “get credit flowing again.”...Short answer: It won’t.

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