Internet Anthropologist Think Tank: Good, bad and the UGLY of the bail out plan.

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    Tuesday, September 23, 2008

    Good, bad and the UGLY of the bail out plan.

    The Good and the Bad of the Bailout PlanInterviewee:Benn Steil, Senior Fellow and Director of International Economics, CFRInterviewer:Lee Hudson Teslik, Associate Editor, CFR.orgSeptember 22, 2008

    Benn Steil, CFR's senior fellow and director of international economics, discusses what he sees as positive and negative aspects of the plan. Steil says the "basic idea" of establishing an institution along the lines of the Resolution Trust Corporation (which was created in 1989 to liquidate assets, including distressed mortgage loans, from troubled U.S. savings and loan institutions) is a good one. But he also points to several potential problems. First, he says, the bailout that's currently being proposed is "utterly enormous" and will add "very, very significantly to the U.S. national debt."He says the fact that the Treasury is considering buying up all sorts of distressed assets is "quite dangerous," and the plan should be limited to debt from mortgages. "A lot of these assets [that the U.S. government might buy under the current plan] are very complicated and exceptionally difficult to value," he says, adding the plan "could wind up leaving very bad assets on taxpayers' balance sheet for a considerable period." This, he says, stands to have a broad impact on the valuation of the U.S. dollar, with potential ripple effects throughout the global economy.



    The crooked banking corporations have their Lobbyist working at Flank speed.
    In some of the proposals are agreement to buy out bad loans for CREDIT CARDS and AUTO LOANS.
    The banks are working to expand the federal mandate to continue to STEAL from taxpayers and consumers.
    The banks make the Mafia look like school yard bullys.

    Series 7 & 11

    Criminal Banks: By Internet Anthropologist Think Tank

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