New York Daily News, March 25, 2009
On Monday, the market rallied 7% at the announcement of Treasury Secretary’s Timothy Geithner’s plan to deal with banks’ toxic assets. Should taxpayers celebrate as well? The answer is a resounding no. Geithner’s plan is just a more risky and cagey version of the original plan by his predecessor, Henry Paulson: to buy toxic assets. Not only is it as likely to fail as his predecessor’s, but it is also likely to create major political unrest.
