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March 23, 2009

Comments

John

Do we have a choice other than "give it a chance"? I'm pretty sure that we all learned from the TARP that neither Congress nor the Treasury cares what we want. Remember the Representative who said that his constituents were flooding his office with calls split between "no" and "hell no"...?

But I really do question how this is supposed to work, even after reading the plan over. The assets are toxic because NOBODY WANTS THEM. They're too expensive. The prices are inflated. Spending extra money on them is only going to preserve the problem, rather than fix it.

The right solution is to tell the banks to sell them at whatever price the market will bear. But we obviously can't do that, because the banks are throwing a hissy fit until they get their way. Much better to tax us and devalue the dollar, I guess, as long as the banks are happy.

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