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This Year's Biggest Hoax Is Tim Geithner's 'Solution' for the Economy, Not the Balloon Boy
JICWyllie
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10-22-2009 11:28 AM
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tags:
1-bailouts
,
1-policy
,
1-profits
,
2-increase
,
2-record
,
2-risks
,
3-forecast
,
4-us
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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/109afcc8-fdf3-4e96-82db-09c407812462/C327771F-A5DF-43BA-A0FC-A41050ECF35F/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.alternet.org/story/143433/this_year%27s_biggest_hoax_is_tim_geithner%27s_%27solution%27_for_the_economy%2C_not_the_balloon_boy" href="http://www.alternet.org/story/143433/this_year%27s_biggest_hoax_is_tim_geithner%27s_%27solution%27_for_the_economy%2C_not_the_balloon_boy" style="font-size: 11px;">www.alternet.org</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.alternet.org/story/143433/this_year%27s_biggest_hoax_is_tim_geithner%27s_%27solution%27_for_the_economy%2C_not_the_balloon_boy">The rationale for saving Goldman and the other too-big-to-fail usurers was that the rescue would increase lending to businesses and consumers and thus revive the economy. But Goldman made money last quarter by shunning such loans and instead putting the government-guaranteed low-interest money it now can borrow toward acquisitions and bond and stock trading.</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.alternet.org/story/143433/this_year%27s_biggest_hoax_is_tim_geithner%27s_%27solution%27_for_the_economy%2C_not_the_balloon_boy"> “It may come as a surprise that one of the most powerful forces driving the resurgence on Wall Street,” the Times reported, “is not the banks but Washington. Many of the steps that policy makers took last year to stabilize the financial system—reducing interest rates to near zero, bolstering big banks with taxpayer money, guaranteeing billions of dollars of financial institution debts—helped set the stage for this new era of Wall Street wealth.”</blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;"> </td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/C327771F-A5DF-43BA-A0FC-A41050ECF35F/blog/" title="blog or email this clip"><img src="http://content8.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>
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