March 23, 2009
-- by Dave Johnson
The new Obama Treasury Dept plan to fix the banks boils down to giving loans that do not have to be paid back to people to buy the bad assets from the banks. If the assets turn out to be valuable, huge profits ensue. But if it turns out that they aren't worth much the government picks up the tab.
Hey this is a GREAT deal -- how can I get one of these loans? Turns out I can't. MY loans have to be paid back.
Wall Street really really likes the plan. Of course, Wall Street gets the money. Our money. To them.
Posted by Dave Johnson at March 23, 2009 9:55 AM
You must be pleased.
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