Dollars and Jens
Wednesday, April 01, 2009
Geithner plan subsidy
The biggest problem I have with John Hempton's writing is often its punctuation. I certainly disagree with much of what he has to say, but I don't find it as annoying as having to parse most of his sentences more than once. Anyway, the essence of a very good point he has today is that
it is simply illogical to believe that

(a). The banks are largely insolvent,

(b). The right or actual government policy is guarantee big banks (ie no more Lehmans) and

(c). The subsidy to the Geithner Funds is a real problem.
If it's not immediately obvious why this is true, go look at his post.

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