Beltway Chatter: Tim Geithner’s (*Paulson’s) plan;Obama Budget and AIG ‘bonus shock and awe’ campaign, TOTUS Spring Tour Continues ..
Krugman gives the Treasury toxic asset plan two thumbs down, he didn’t like it when Hank Paulson tried to sell it many moons ago with TARP One, neither did we, LOL…Billions later we are laughing with the tears of a taxpaying clown….
The Geithner plan has now been leaked in detail. It’s exactly the plan that was widely analyzed — and found wanting — a couple of weeks ago. The zombie ideas have won. The Obama administration is now completely wedded to the idea that there’s nothing fundamentally wrong with the financial system —
Treasury has decided that what we have is nothing but a confidence problem, which it proposes to cure by creating massive moral hazard. … And I fear that when the plan fails, as it almost surely will, the administration will have shot its bolt: it won’t be able to come back to Congress for a plan that might actually work.
Krugman on further review of the plan:
Why was I so quick to condemn the Geithner plan? Because it’s not new; it’s just another version of an idea that keeps coming up and keeps being refuted. It’s basically a thinly disguised version of the same plan Henry Paulson announced way back in September.
Krugman today on the plan.
Sen. Gregg confirms CBO is right, (ironic no?) and says Obama Budget will bankrupt us:
Rep. McCotter (R-MI) told it like it is… er.. was… er… will be…on the ‘shock and awe over AIG’…
And Aravosis confirms what made AIG outrage fester and boil…
And TOTUS continued his Feel Good Spring Tour at 60 Minutes
Instead of a Sistah Souljah moment wherein TOTUS stood up and told the American people this bonus legislation is overreaching and wrong and not to go to AIG houses ..he could have given a beautiful speech and said we do not succeed by tearing each other down..etc etc…but nooooooo, he says Wall St needs to get out of town a bit HA! Like to CT where they are threatening employees or here in Phoenix where Alinsky tactics are all rolled out by SEIU and their purple fascist footsoldiers of whiny doom….
TOTUS just does not get it, he does not get it. good luck with TALF buddy..
He continues to be arrogant and divisivem he doesn’t even see the irony in what he is saying, he could be describing his own team…
“Gosh, I don’t think it’s me being anti-Wall Street just to point out that the best and the brightest didn’t do too well on that front, and that you know, maybe the incentive structures that have been set up have not produced the kinds of long term growth that, that I think everybody’s looking for.”
He also said he doesn’t think Wall Street has gotten his message yet, and that he must do a better job conveying it to them:
“One of the things that I have to do is to communicate to Wall Street that, given the current crisis that we’re in, they can’t expect help from taxpayers but they enjoy all the benefits that they enjoyed before the crisis happened,” Obama said. “You get a sense that, in some institutions that has not sunk in.”
Mr Hope also goes after his buddy Warren Buffet a man who is always offering to pay more taxes, Obama makes him sound selfish:
Even one of his top supporters, billionaire investor Warren Buffett, came in for some criticism from Obama when Kroft noted that Buffett has criticized his plan.
“Warren’s also a big player in the financial markets who’s a major owner of Wells Fargo. And so he’s got a perspective from the perspective of somebody who is part owner of a bank,” Obama said.
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