I thought someone here would have already posted their reaction to/interpretation of the Geithner Plan announced late this morning.
I don't have much time to react to/interpret it myself right now, and maybe it's fruitless since the details are still murky. But beyond the horrific aspects of the Plan which DH alluded to last night/early this morning (i.e. loaning taxpayer money to private sector funds so that they can scoop up toxic debt at bargain rates, and insuring them against possible losses with taxpayer money) I was curious about the following.
>From Bloomberg.com:
"...a $1 trillion program to supply new credit to consumers and businesses."
Could someone elaborate on this?
"The administration also will inject additional taxpayer funds into banks, imposing tighter restrictions that will include limits on dividend payments, acquisitions and executive pay."
Is this the cosmetic, opt-out measure that we heard about late last week?
Thanks for any help...
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