Tim Geithner is just another Wall Street lackey. His plan to bail out the bank through taxpayer-guaranteed private buyouts of toxic assets is yet another stupid idea. Called the “Public-Private Investment Program”, its going to spend between $500 Billion and $1 Trillion on toxic purchases (euphemistically called “assets”).
Ceny Uygur from The Young Turks, does a great job at explaining the latest plan and why it is terrible for the American taxpayer.
Which idea is dumber?
Buying $300 Billion of Treasuries or up to $1 Trillion in Toxic Assets?