I just got done watching this 12 and a half minute video on you tube and wanted to see if I could encourage my readers to take a look and comment. There are as many ways to slice and interpret the numbers as there are people attempting to do it. That said, this is a pretty negative review of the current version of the government's plan to deal with the toxic assets on banks' books. As far as I can tell, it's a more sophisticated, complicated (nefarious?) means of doing what Hank Paulsen's TARP plan was originally intended to do. I think it's important to keep in mind while watching this or giving attention to anything involving "toxic assets" is to remember that these things aren't abstractions, but at the most basic level are real things which we can all relate to, namely, home mortgages on houses which are worth more than the houses themselves are worth now, the same with commercial loans on office buildings and malls in the same spot as the home loans, and car loans, school loans, and credit card bills belonging to people who can't afford to pay them back.
I hope to get some thoughtful responses from you.
The Biggest Travesty of Capitalism