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A Sampling of Advisory Opinion: Looking After Our Best Interests – Barrons 4/4/09

A Sampling of Advisory Opinion: Looking After Our Best Interests
…The Fed/Treasury/FDIC/White House may decide that it’s in the best interests of the country to not only make the banks keep the money, but also to have these banks scrub their balance sheets by selling “toxic” assets to the new Treasury program….a very good idea, but potential abuses lurk. [Treasury's] legacy security and loan program needs to have buyers and sellers of assets. [But] I see only the FDIC as the one major seller of assets due to acquired loans from failed institutions…getting sold for less than 40 cents on the dollar. – Andrew Busch

– Barron’s  04/04

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One Response to “A Sampling of Advisory Opinion: Looking After Our Best Interests – Barrons 4/4/09”

  1. admin Says:
    June 11th, 2009 at 8:22 am

    Those of us not in the financial industry are simply astounded by this belief that the US government has suddenly started “printing money”. So, what was it the government was doing during the Iraq War that cost somewhere north of $3 trillion?

    And, now, the financial industry is concerned because there are several antirecession mechanisms in place that have already cost hundreds of billions of dollars (EG. unemployment benefits, food stamps, etc.). These giveaway government programs aren’t being counted along with the Democrats’ stimulus plan. So, really, the Democrats’ giveaway is easily over $1 trillion. Wow. That sure puts into perspective the $750 billion we flushed down the toilet last Fall to save financial markets from a “global meltdown”….

    Wouldn’t we have all been better off, if we had just allowed the investment banking employees to go on welfare, like the rest of the workers in the economy, and cut our losses there, rather than bolstering an industry that now seems almost criminally intent on destroying the credibility of our national currency?

    Please, someone explain to me why it is that we can spend whatever we feel like to go kill and maim innocent people all over the world, simply because we can, but if try to spend one extra penny on programs that would actually help people (new roads, bridges, water and waste water treatment plants, schools, research facilities) we are “printing money”.

    Maybe, just maybe, suckers like me aren’t as stupid and naive as we were 12 months ago.

    Thanks,
    Joe

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