Likely to be quite similar to GWB's plan for the banks:
I watched our President's brief address on prime time this evening. His delivery was passionate. His message, strong and partisan. His intentions were clear. Rally support for his stimulus program. In the wake of a few really bad days of press, his honeymoon period clearly over, I thought he did a strong and ballsy thing. Problem is, the plans being bandied about concerning the financial sector are still off the mark. How is it, after the mistakes made by Paulson and the prior Administration that we are still unclear as to what the plan should be? As I've said before, I just don't get it.
But now it's even worse. It seems as if the discussion among those in power has gone back to what we had during Bush II, injecting capital into sick institutions, yet on "tougher" terms than we had previously. Simply doing more of something that was flawed from the beginning isn't going to help solve the problem any better. Why the brainy President Obama or the equally brainy Larry Summers don't seem to get this is beyond me.
Yves over at nakedcapitalism (hugely respected guy online from what I can gather) is really getting perturbed at our idiocy, and I can't blame him one bit. In fact, I'm probably driving the bus:
The Obama Administration is as obviously and fully hostage to the interests of the financial services industry as the Bush crowd was. We have no new thinking, no willingness to take measures that are completely defensible (in fact not doing them takes some creative positioning) like wiping out shareholders at obviously dud banks (Citi is top of the list), forcing bondholder haircuts and/or equity swaps, replacing management, writing off and/or restructuring bad loans, and deciding whether and how to reorganize and restructure the company. Instead, the banks are now getting the AIG treatment: every demand is being met, no tough questions asked, no probing of the accounts (or more important, the accounting).
So again. Why can't we come up with something more creative than the same old tired proposals? Is it because BHO is no different than any other President of the last 30+ years in that he's beholden to the banks?
Sheesh. Yet another empty suit.
I've never met a retarded person who wasn't smiling.
i've said it once, i'll say it again - the markets are not a fixed location...the markets moves, it morphs, it melds, it spreads...the market changes on a dime...a split second...a nose hair. it can be negative in nature or positive in nature, it doesn't matter...all it takes is an unanticipated news story to come out, a rumor, a scandal, a peek, a disaster - and everything you've prepared to address on Feb 8th, 2009 @ 10:07:43 has now become old news...history...the past.
that may sound like a bit of an excuse for BHO and you might be surprised...fact is, it's the truth...BHO is no different than anyone before him in this regard...reasons are simple...partly because he doesn't know shit about the markets, and mostly because he's focused too much on what HAS happened, what JUST happened, an what is ABOUT to happen right now.
Personally, I think its all a ploy to cause a massive devaluation in the dollar so that it can be 'replaced' by a 'global currency' under control of a strong central bank/govt. Just one more step towards removing borders in North America...a process that our wonderful Europeon friends have been embarking on for almost a decade now.
He doesn't care about the banks or about the financial sector folks. He is interested in a permanent democratic majority in a country that has turned its back completely on capitalism.