Some Plan …

Yesterday, Obama’s Treasury secretary, Timothy Geithner, “put it all on black” by deciding to buy all the toxic assets (aka sub-prime mortgage packages) from the banks.

Wall Street thought it was a great idea. The Dow jumped up almost 500 points. Paul Krugman described the plan as the same “cash for trash plan” that was already abandoned by the Bush administration.

Of course Wall Street loved this plan. They get showered with more money and they won’t be stuck with their bad/shadily made investments. Wasn’t that what TARP was all about? It stands for Troubled Asset Relief Program (TARP). Aren’t the sub-prime mortgages the troubled assets that were supposed to be relieved with our $700 billion?

So basically what is going on is we give the banks $700 billion and buy up all their bad investments? What about the people who lost their houses to the banks? The banks get paid and handed all these people’s property. What a scam. I call shenanigans on this one.