i was up in the northlands this morning, but i got to hear geitner's bank bailout plan on the ride back.
man, what a steaming piece of shit that was. at best all i can say is that they're trying to make it more transparent than what bush-paulson did with the TARP money. but better than bush-paulson? talk about setting a low bar!
i understand why having another series of financial institutions failing would be bad enough that the federal government should act. but seriously, we can bail out the institutions without bailing out the directors and shareholders. they screwed up getting into this mess, there's no reason why they shouldn't take the hit for this.
i still don't get why we don't just follow the swedish model. the rumor is this is all geitner's doing, but that's not where the buck stops. obama could have overruled him. everyone seems to be just pretending that it's dumping a bunch of money into banks or nothing.
