( – promoted by buhdydharma )
Real News – March 28, 2009
Obama held hostage by PPPIP
Pepe Escobar: If Geithner’s plan does not work, the President sinks
President Obama’s destiny – more than his foreign policy decisions – will be sealed by how he deals with the US financial crisis, argues Pepe Escobar.The verdict of top economists on Treasury Secretary Tim Geithner’s new PPPIP (Public Private Partnership Investment Program) has not been auspicious.
Some speak of taxpayer rip-off while Nobel Prize winner Paul Krugman foresees a “lost decade of zombie banks”.
The President has been trying to appease Wall Street while at the same time appeasing America’s anger directed at anything bank bailout-related.
On a global level the Chinese have made it known their patience with America’s addiction to debt has limits.
The upcoming G-20 meeting in London is bound to discuss more radical steps, while back in the US some already dream of a new saviour, post-Geithner.
Geithner’s Treasury $500 Billion to $1 Trillion Plan to Purchase Legacy Assets PPPIP Whitepaper is here (.PDF)
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price out what it would cost to implement nationalization or doing nothing and letting the system collapse? I’d be interested in seeing those numbers.
to fail, not to succeed, IMO.
And I don’t get it.
If the PPIP fails to do anything but make some hedge fund managers richer, Obama’s gone after one term.
It’s frigging obvious.
But he seems not to see the reality of what he’s doing.
He’s betting his political future on Tim Geithner.
It’s a stupid, painfully stupid, bet, IMO.