James Galbraith: Obama Isn't Doing Enough to Solve the Financial Crisis | Corporate Accountability and WorkPlace | AlterNet.
The Treasury plan, if put in place as described, would have a perverse effect on the distribution of wealth. To guarantee bad assets at rates above their market value is simply a transfer to those who hold those assets. It would enable them to convert those assets, sooner or later, to cash. The plan would thus preserve the wealth of bank insiders and financial investors, while failing to prevent the collapse of the wealth of almost everyone else.
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