Wednesday, February 11, 2009

Where's the beef?

I haven't been posting about the latest bailout because nothing has been said. Yes, I know Geithner was all over the news announcing his bailout, but the fact is he didn't actually give any detail. He didn't say anything meaningful. I don't really know any more than I did a few days ago.

Some very encouraging news though...Obama's aides were pushing for top banks to essentially wipe out equity holders. Unfortunately, they lost out to Geitner, but I'm impressed they were pushing for at least a little of doing what's right.

I also didn't hear anyone say we were suspending mark-to-market accounting yet, so for that I give everyone involved high marks. President Obama is looking much better today than he was in my earlier post, thanks to his display of knwoledge about the past successes of nationalization and no calls for the suspension of realistic accounting standards.

However he still refuses to do what he knows is right for political reasons, and that teaches me that all this hope for change is misplaced.

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