But that's the least of our problems.
If this article in WaPo contains any truth, then Geithner is not merely a shill for the banks, Geithner is the man who hates America. He is the man who punches children and tips over wheelchairs.
Congress has handed over the keys to the biggest thief there is.
If you don't believe me, then explain this:
Here is the chart for Citi. It says it has a market cap of $18.86 billion dollars.
Here is the chart for Bank of America. It says it has a market cap of $33.88 billion dollars.
The WaPo article talks about the 3 options Geithner has come up with for buying troubled assets, but nowhere does it mention that Geithner can buy all the stock in these 2 companies for about $53 billion.
For $53 billion, we can buy those banks, bad assets and all. We can hold on to the assets, or flush them, or mail them to places with a shortage of toilet paper, or make Valentines cards out of them. The rest of the bank we can hand over to the FDIC and let them find new homes for the deposits, and it won't even cost a nickel to the FDIC.
Why would Geithner instead be pushing for crippling trillions to buy bad assets at inflated prices, while keeping the criminal enterprises going?
Never mind that question. I'm just going to point out that you are watching up close how empires fall. It is really a shame it has to happen on Obama's watch.
Buy the banks outright for $53 billion, or pay trillions for just their bad assets. Which would you choose if you were smart enough to run the treasury?