Ritholtz has been on this thing from the beginning, and he's joined by another big-time economist.
“The Public-Private Investment Program [PPIP] is a really bad program. You’re really bailing out the shareholders and the bondholders. Some of the people likely to be involved in this, like Pimco [Pacific Investment Management Co.], are big bondholders ---Jos. Stiglitz
And that's the polite language. How about this:
The Obama administration’s bank- rescue efforts will probably fail because the programs have been designed to help Wall Street rather than create a viable financial system, Nobel Prize-winning economist Joseph Stiglitz said.
“All the ingredients they have so far are weak, and there are several missing ingredients,” Stiglitz said in an interview yesterday. The people who designed the plans are “either in the pocket of the banks or they’re incompetent.”
We cannot allow "Too Big To Fail" thinking to drag the US into oblivion along with Citibank (and others.)
Screw 'em. Put them down and move on.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment