Steve Liesman just reported that Geithner is going to begin releasing details of a new plan to get bad assets of banks balance sheets. Said announcements are supposed to come sometime this week or next, that part we knew already.
Part of the plan, according to him, is that the Fed would fund and guarantee “SEVERAL” private/public ventures to “compete” to buy the assets from the banks!
ARE YOU KIDDING ME?
Let’s see if we have this right… they are going to use taxpayer money/backing to create multiple ventures to bid on assets that no one currently wants? This means that the companies potentially bid up values pitting some of our money against some more of our money! In other words, we would be bidding against ourselves. Now that’s taking care of the taxpayers!
Again, who would profit from such shenanigans? If you answered the central bankers, you would be correct. If you buy into the thinking that this is “for our greater good” then they have just found the “greater fool.”
We are being robbed, repeatedly.