Republished post
Paulson’s only goal in Q4 08 was to save the big banks after LEH, no matter what the cost to taxpayers or the drags on the economy. TARP I was bad policy.
TARP II will be implemented under the new Treasury Secretaty Turbo-Tax Tim Geithner who is espousing the same bad policies under his predecessor Paulson.
The policy objective is not to nationalize but how to keep them private, says Geithner: ““We have a financial system that is run by private shareholders, managed by private institutions, and we’d like to do our best to preserve that system,”
Read that twice, “we’d like to do our best to preserve the system.”
Here is the new political math for you sophisticated folks: “Obama’s change = Geithner’s preservation.”
What? You don’t like the new math on Capitol Hill…
