Hmmmm!! Interesting proposal. I've enclosed some of the article but the entire article is at the below link. This guy makes sense. If he's right in that a lot of this problem is being compounded by accounting rules that could be temporarily changed, etc. and we could avoid having to go another $$trillion+ into debt, I'm all for it.
Friday, March 13, 2009 A Shotgun-Wedding Proposal Is it really necessary for taxpayers to spend another dime on the TARP? We"™ve already committed $700 billion, half of which was spent under Pres. Bush and half of which is coming under Pres. Obama. And now, as we wait with baited breath for Treasury-man Tim Geithner"™s detailed plan to purchase bank toxic assets, the TARP could rise by another $1 trillion or more.
But we may not need it at all. Here"™s why:
Out of the blue, bank stocks mounted an impressive rally this week, jumping nearly 40 percent on the S&P financial list. One after another, big-bank CEOs like Vikram Pandit of Citi, Ken Lewis of BofA, and Jamie Dimon of JPMorgan are telling investors they will turn a handsome profit in the first quarter, their best money gain since 2007. This is big news. And it triggered the first weekly stock gain for the Obama administration.
But this anticipated-profits turnaround doesn"™t seem to have anything to do with the TARP. It"™s about something called the Treasury yield curve -- a medical diagnostic chart for banks and the economy.
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Shotgun Wedding??
