What a wonderful euphemism. Economist Dr. Michael Hudson provides a grim assessment of the Obama administration’s plan to purchase toxic assets.
By the way, the Wall Street Journal has reported that according to an analysis of Treasury Department data, the biggest recipients of taxpayer aid actually made or refinanced 23% less in new loans in February (the last available numbers) than back in October when Treasury kicked off the Troubled Asset Relief Program. Hard to argue with the assertion that the latest bailout may be little more than another case of fraud, but only time will tell, I guess.
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Maybe this stark realization is what is driving the markets down again….
Mike
I’ve been following The Star’s David Olive’s blog The Great Recession and this post references a number of sources that examine the jiggery-pokery that’s serving as nothing but a fog to keep the rest of us from getting too close to the reality of the financial economy.