wow factor

Calling the US Financial system for what it really is, Alan offers Geithner some real advice on bailouts.

Geithner's grand illusion

One of the problems, it seems me, is the term 'toxic assets' itself. It was invented by the banks to give the impression that they had been poisoned – that they’re victims of some dastardly act by someone else.

They are not the victims, of course, but the perpetrators, and the so-called toxic assets are the lingering evidence of a vast fraud, in which securities were created against nothing and sold to investors stamped AAA by credit rating agencies. It’s like selling a bridge to a sucker.

The assets are only toxic if someone else pays anything resembling real money for them, including the Government.

Tonight’s bank bailout scheme by Timothy Geithner should actually involve locking up the bankers beside Bernard Madoff, the only one of the current crop of Wall Street crooks who has admitted to running a Ponzi scheme.

via: Crikey