Tuesday, March 31, 2009

Paul Krugman's Dismay

Krugman's unhappiness with the Geithner's plan is well-known. He has a forum on the NY Times and has a blog that is a must read. My problem with Geithner's plan is in addition to Krugman's reservation as to whether it would "work".

The plan to me is a surrender to the captains of Wall Street who had brought us this catastrophe. Geithner's plan provides a central role to the very same people who should really be cleared out of Wall Street. Second, his largesse to the fund management industry by lending money at 6 to 1 leverage to a selected few to buy toxic assets with NO RECOURSE should these investments tank is outrageous.

I think taxpayers are still giving Obama the benefit of the doubt that the plan will work and that the government would even make money from this Public-Private Investment scheme. If the scheme fails, I dread to think how the voters would do.

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