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David Corking

Op-Ed Contributor - Obama's Ersatz Capitalism - Joseph Stigltz - NYTimes.com - April 1,... - 0 views

  • Paying fair market values for the assets will not work. Only by overpaying for the assets will the banks be adequately recapitalized. But overpaying for the assets simply shifts the losses to the government. In other words, the Geithner plan works only if and when the taxpayer loses big time. Some Americans are afraid that the government might temporarily “nationalize” the banks, but that option would be preferable to the Geithner plan. After all, the F.D.I.C. has taken control of failing banks before, and done it well.
    • David Corking
       
      This seems to be the brunt of the complaint
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    A Nobel Prize winner says that Geithner and the Obama administration are giving a vast amount of taxpayer funds to private investors, without Congressional approval.
Omnipotent Poobah

Timmy Has Fallen Down the Well - 1 views

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    Through long and ignominious tradition, the US has selected people for cabinet positions based on a combination of nepotism and party loyalty. Products of this system include luminaries like former FEMA director, Michael Brown. But sometimes there are qualified cabinet nominees installed for all the wrong reasons. Treasury Secretary Tim Geithner is a useful example.
Joe La Fleur

E-mails Show Geithner, Treasury Terminated Pensions of Non-Union Workers - 0 views

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    FAIRNESS?
Joe La Fleur

New TV ad Slams Obama, Geithner on lost Delphi pensions - 0 views

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    THE UNION MEMBERS AT DELPHI GOT THEIR FULL PENSIONS
Worden Report

Treasury Violates Its Own Guidelines to Approve Raised at Bailed Out Companies - 0 views

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    Why did Treasury ignore its own guidelines?
thinkahol *

Psychoanalyzing the Relationship Between Obama and Wall Street -- New York Magazine - 0 views

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    On May 20, the Senate passed its bill to reregulate Wall Street by a vote of 59-39, complete with a (watery) version of the Volcker Rule. The story of the legislation's passage can be told in a number of ways: a tale of conflict or compromise, triumph or capitulation. But on any reading, that story is only the climactic chapter in a larger narrative: how the masters of the money game fell out of love with-and into a state of bitter, seething, hysterical fury toward-Obama. The speed and severity of the swing from enchantment to enmity would be difficult to overstate. When Obama was sworn into office, Democrats on Wall Street rejoiced at the ascension of a president in whom they saw many qualities to admire: brains, composure, bi-partisan instincts, an aversion to class-based combat. And many Wall Street Republicans-after witnessing the horror show that constituted John McCain's response to the financial crisis-quietly admitted relief that the other guy had prevailed.
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