“The nation’s banks continue to hold on their books billions of dollars in assets about whose proper valuation there is a dispute and that are very difficult to sell,” said the Congressional watchdog panel headed by Harvard Law School professor Elizabeth Warren.
Warren's panel report really can't be viewed as anything but a veiled call for another bailout. It urged the Treasury to either expand its current program to soak up troubled assets, the Public-Private Investment Program, “or consider a different strategy.”
Since Warren believes in government regulation starting with how you tie your shoes in the morning, the thought of what she means by a "different strategy,” should cause any liberty loving person to shudder. For her, a reasonable solution would be nationalization of banks she deems to be operating with insufficient capital.
Representative Jeb Hensarling, Republican of Texas, dissented from the report.
The recommendations seem to advocate another bailout of a failed federal program with involuntary taxpayer capital, Hensarling said in a statement.
Iceland comes to mind Privatizing the Profits and Socializing the Losses!
ReplyDelete