Stiglitz: Geithner Plan "Badly Flawed"

[FUCK THE POLICE]

http://www.talkleft.com/story/2009/3/24/10267/1497

Stiglitz: Geithner Plan "Badly Flawed"
By Big Tent Democrat, Section Economy

Via Atrios, Stiglitz rips the Geithner Plan:

The U.S. government plan to rid banks of toxic assets will rob American taxpayers by exposing them to too much risk and is unlikely to work as long as the economy remains weak, Nobel Prize-winning economist Joseph Stiglitz said on Tuesday. "The Geithner plan is very badly flawed," Stiglitz told Reuters in an interview during a Credit Suisse Asian Investment Conference in Hong Kong.

[More....]

U.S. Treasury Secretary Timothy Geithner's plan to wipe up to US$1 trillion in bad debt off banks' balance sheets, unveiled on Monday, offered "perverse incentives", Stiglitz said. "Quite frankly, this amounts to robbery of the American people. I don't think it's going to work because I think there'll be a lot of anger about putting the losses so much on the shoulder of the American taxpayer." . . . Even if the plan clears banks of massive toxic debt, worries about the economic outlook mean banks could still be unwilling to make fresh loans, while the prospect of a higher tax burden to pay for various government stimulus plans could further undermine U.S. consumers, he said.

But Krugman Stiglitz always hated Obama so it can't be true.

Speaking for me only

 

[FUCK THE POLICE]

That's the two big liberal nobel-prize winners who've both come out against this, BTW.

 

[Sammy Jankis]

Right. Obama and all his choices are just another set of sellouts. Please tell the other dems.

 

[Damocles]

Strike is just an "s" in the boxes, Watermark.

 

[FUCK THE POLICE]

Strike is just an "s" in the boxes, Watermark.

Oh I thought it just didn't work. I was going to leave it as it was, because even if it didn't work it would indicated the context.

 

[blackascoal]

That's the two big liberal nobel-prize winners who've both come out against this, BTW.

Not only explains why Obama isn't a liberal or a "socialist", but also explains why neither Nobel-Prize winning economists aren't in the Obama Administration.

Obama was bought and paid for by Wall Street .. said that long before the election was over.

I also said his selections of Geithner and Summers was a telling sign.

Why would this be a surprise to anyone who has been paying attention?

 

[evince]

You may be right Bac.

I hope not

 

[Sammy Jankis]

Not only explains why Obama isn't a liberal or a "socialist", but also explains why neither Nobel-Prize winning economists aren't in the Obama Administration.

Obama was bought and paid for by Wall Street .. said that long before the election was over.

I also said his selections of Geithner and Summers was a telling sign.

Why would this be a surprise to anyone who has been paying attention?

So why do you love government when you know it';s corrupt? It's not just Obama on the wallstreet puppet strings. It's not just bush, it's all of them.

 

[blackascoal]

You may be right Bac.

I hope not

If you remember the "wait until he gets in office" stuff people were slinging at me .. well he's in office and doing what I feared he would do.

Obama is a centrist .. real change does not come from centrists.

 

[blackascoal]

So why do you love government when you know it';s corrupt? It's not just Obama on the wallstreet puppet strings. It's not just bush, it's all of them.

As corrupting as government can be, it is the only vehicle for societal order.

As corrupting as government can be, it also has a long track record of successes in the formation and development of this country.

Government is inseperable from the people who are responsible for it.

Weak minded people constantly blame "government" for the failures of citizens.

 

[evince]

I'm hoping the conditions on the ground may push Obama forward instead of backwards. That will be the true test. He may be trying to bring the coutnry along with him on the journey. I hope so.

 

[blackascoal]

I'm hoping the conditions on the ground may push Obama forward instead of backwards. That will be the true test. He may be trying to bring the coutnry along with him on the journey. I hope so.

Unfortunately Obama isn't bold enough for the challenges he faces. Centrists are never bold.

His half-measures and wrong measures may be his undoing.

I hope not, I hope he succeeds and I'm wrong .. but I have no confidence in that.