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Whose side is the Treasury on?
invite response
2008 Oct 15, 3:09pm 41,776 views 353 comments
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kewp
2008 Oct 31, 8:51am
That is not Free Market… that is people hijacking Free Market.
That is because the Free Market rewards hijacking.
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According to this article in the NY-Times:
http://tinyurl.com/3hzwmp
In its latest questionable tactic, the Treasury is forcing banks to take billions of taxpayer dollars and lend it out - effectively trying desperately to blow some air back into the lending bubble. They know it will ultimately lead to an unsustainable debt burden on the US taxpayer, and very likely US government default but they don't care. This can't just be stupidity or greed - it is treason.
(Mish's take on this is over here: Compelling Banks To Lend)
The actions taken by the Treasury in recent days show a pattern of putting U.S. citizens/taxpayers under a huge public debt burden, and also encourage every possible way to get them into private debt. Simultaneously, avenues that would _reduce_ private debt, or reduce risk to taxpayers are being blocked, derailed or discouraged.
Why?
Why is there a systematic policy bias towards forcing the US into default? Why is the Treasury making decisions that push generations of Americans into debt-slavery and eventual destruction of US sovereign currency?
Which team is Paulson batting for?
SP