Monday, September 22, 2008
How Will It Work?The highly respected Gretchen Morgenson, in the NY Times:
Treasury Secretary Henry M. Paulson Jr. has called the fund the “troubled asset relief program.” I’ll just call it TARP for short...[snip]The taxpayers have to pay much more than the fair value of these assets, or the Paulson plan doesn't work! Rather than buy the assets, we could simply hand these people the money outright, but the Republicans want to pretend this is not just a gift to Morgan Stanley and Goldman Sachs.
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No subject for immortal verse
That we who lived by honest dreams
Defend the bad against the worse."
-- Cecil Day-Lewis from Where Are The War Poets?
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