Watching Geithner being interviewed on Maddow now and don't believe a word out of his mouth. Stick with him and the broken system changes little. He won't ruffle feathers on Wall Street. … [Read more...]
Spitzer: Geithner has “failed” as Treasury Secretary; “not corrupt” but “just wrong” about his role
It's a shame that Eliot Spitzer so thoroughly embarrassed himself a while back. The guy really is one of the few people who can speak forcefully and knowledgeably about what went wrong in the financial markets and what is needed to … [Read more...]
Following the AIG money
The company was indeed too big to fail. The money was provided to AIG in the form of loans and equity investments, contingent on the company’s winding down its AIG Financial Products Corporation and divesting itself of other … [Read more...]
PAY YOUR G** D*** TAXES!
Dear Potential Obama Nominees & Appointees: PAY YOUR G** D*** TAXES! Seriously. Stop being such asshats, K? It'd be a big help. Thanks. Sincerely, Everyone that wants a functioning government. P.S. - If the whole "it's the law" and … [Read more...]
How Not To Help Homeowners
The Treasury Department is planning to subsidize thirty-year, fixed rate mortgages at 4.5% interest. But the plan apparently only extends to new home purchases, not to refinances. Am I missing something? I thought our problem was that we … [Read more...]
Fannie and Freddie
The winners, it seems to me, are: (1) The bondholders, including the foreign governments and investors who own $1.4 trillion in U.S. mortgage debt. I feel like a sucker for investing in treasury bonds rather than Fannie and Freddie bonds. I … [Read more...]
A Modest Proposal
I have been reading the Department of the Treasury's Blueprint for a Modernized Financial Regulatory Structure. Much of it is sensible, and the focus on rationalizing the current hodgepodge of regulation and granting the Fed increased … [Read more...]