Geithner's Latest Gamble: a Plan to Buy up to $1 Trillion in Toxic Assets

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The Obama Administration

At least the Obama administration trying to get our economy back on track, after the previous administration failed the American people. Where were all the screamers and critics when Pres. Bush failed us? I think Tim Geithner is a very smart person and we should let him try to fix things as best he can. If we have to take on a few more hardships to help make things better in the long-run, so be it! We certainly did not fair well under the Bush administration, he could not even give a fluent speech!

AIG bonus recipients

Qualifying requirements.

Obama economy

With the sudden influx of money from Uncle Obama, the markets like the idea all of sudden. I think it has something to do with the idea that they are staying away from bank nationalization.

I would dare say that this will fail also. This way good money can start chasing more bad money. This is simply another ploy to expand the power of government in our lives. This will cost us more in generational theft than I am willing to pay. I personally would not buy a "toxic" asset, what would possess the government to do so? Oh wait that's right it's not their money. In the meantime our grandchildren are getting poorer and poorer with every stroke of Team Obama's pen.

At some point, people will hopefully come to their senses and quit giving the clown we have in office a pass. He belongs in a circus.

Do Something Instead of Whining All the Time

At least Geithner is doing something to clean up this mess. Its easy to criticize someone trying to fix things, but where was the outrage while Wall Street Bankers were running their scams. Yes, we need to fix our banking system and it probably will be expensive. What is not constructive is all the backbiting from the crew that created this mess. All the ambushing tactics from Pete Session's republican Taliban movement are out to make things worse.

The foxes went wild in the hen house, in the absence of any regulation from the previous administration. Now that someone has to clean it up the the same foxes are complaining that its exorbitant how much of a mess they've created but blaming it on the folks who have to clean it up. Its like blaming Madoff's Ponzi schemes on the prosecutors going after Madoff now.

Cash for trash

Why does Pres. Obama want to prop up failed banks? Just let them go into chapter 11 and buy the remaining assets as any other bank failure. As long as the government stands behind the residual assets, it should be fine. It's not like the public isn't aware of the status of the banks anyways.

Why spend billions on toxic assets?

Deja Vous

This is what the TARP was for, until they decided the situation changed. What... did it change back suddenly? What's a trillion dollars between friends, anyway?

The more money they throw at the problem, the less confidence people have; and economics is about confidence more than money.

Geithner continues to solve this problem...

I've read the plan and it seems Geithner is well on his way to fixing this banking mess. The US Government and us taxpayers should make a tidy profit from this program so hats off to Geithner for doing what is right in the face of a lot of ignorance of how our banking system operates.

wow

1 trillion of taxes dollares going to banks... awsome. do they want my right arm too? they already have left arm!

Toxic Plan

Few investors in their right mind will go for this. The money from this plan will be sucked up by international bankers to cover their losses (and executive bonuses) and very little will trickle down to consumer loans. However, this additional burden to FDIC will bankrupt the fund and nobody's money will be safe. The almighty dollar will become worthless. Better to take the focus away from bailing out failed banks (who will still hang on to the funds instead of lending) and to invest the greater funding effort in creating jobs and restoring consumer confidence - without which the entire economic system will fail because everything is predicated on a working middle class who pay taxes, provide labor for corporations to make profits, and most importantly consume the services and products in society. The current strategy of concentrating on failed banks is just another money-grabbing scheme at taxpayers' expense, and Geitner is part of the ol' school of international banking interests and wall street sharks who have gotten the economy into a mess. If they pump more money into this black hole, we will reach a point of NO RETURN.