Monday, February 02, 2009

Lost in Translaton

From Davos via India, Whatever:
Irresponsible naïve Obama is surrounded with incompetent junks that were running the country from behind the scene keeping Bush Administration in the front. Obama is not getting it.

Nobel laureate Joseph Stiglitz said any decision by President Barack Obama to establish a so-called bad bank to rid financial companies of toxic assets risks swelling the national debt.

Obama’s administration is moving closer to buying the illiquid assets currently clogging bank’s balance sheets and preventing them from boosting lending, people familiar with the matter said this week.

That amounts to swapping taxpayers’ “cash for trash,” Stiglitz said yesterday in a panel discussion at the World Economic Forum in Davos, Switzerland.

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