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That's funny. The think I don't like most about the plan is that it doesn't require Bush and Paulson to get any kind of downside protection for the taxpayers money. Tuesday's takeover of Wachovia shows us what we can expect: The FDIC got 12B dollars worth of stock options in exchange for an absolute guarantee on $270B dollars worth of bad debt. That is just exactly 4 cents on the dollar. And Bush and Paulson both personally signed off on the deal. Tough negotiators, huh? I figure that is just about what we should expect to get back on the $700B Congress is gearing up to give him right now.
Oct 02 08:43 am
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All Comments by Diane Ritter »The U.S. Economy After the Bailout [View article]
Bush is going to turn this 700B into the biggest slush fund in the history of the world. What do you bet he can spend the whole thing before he leaves office? And what do you bet he manages to funnel ALL of it to his pals and cronies? 4 cents on the dollar to us, 96 cents on the dollar to them. Such a deal.