Monday, March 23, 2009

he's desperate. Do what he say.

c

So Geithner's plan is now out there, and another trillion thrown at the banks, added to the 1.2 trillion that Bernanke printed last week make the market go wild. And why not, there's a shit load of money out there, and buying equities might help the balance sheets, but will it loosen up credit?

The banks are continuing to reduce credit and charge more for it to US small businesses and consumers in a self-fulfilling cycle of doom; that is the gun pointed to the head of Obama, and like Sheriff Bart, Obama's own administration is helping hold the gun to his head.

The naysayers, Krugman, Yves Smith, Calculated Risk, et. al. have pointed out how bad the plan is, despite the bells and whistles it is nothing more than another transfer of money from the government to the banks, and they (banks and administration) will not take the gun from the head of the US government (themselves). Why should they? When this trillion is gone, they'll be back for more, and Obama, Geithner, and Summers will be ready once again to do the Cleavon Little shtick:
Hold it. The next man makes a move, the n***** gets it...Drop it! For I swear, I'll blow this n*****'s head all over this town. Oh Lordy-lord, he's desperate. Do what he say. Do what he say.
(Asterisks inserted to avoid showing up in some idiot's google searches.)

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