{"id":192405,"date":"2009-04-03T17:46:00","date_gmt":"2009-04-03T22:46:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2009\/04\/03\/banks-are-already-gaming-geithners-bad-bank-plan\/"},"modified":"2009-04-03T17:46:00","modified_gmt":"2009-04-03T22:46:00","slug":"banks-are-already-gaming-geithners-bad-bank-plan","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2009\/04\/03\/banks-are-already-gaming-geithners-bad-bank-plan\/","title":{"rendered":"Banks Are Already Gaming Geithner&#8217;s Bad Bank Plan"},"content":{"rendered":"<p>Gee, this is a surprise, banks are <a href=\"http:\/\/wonkroom.thinkprogress.org\/2009\/04\/03\/banks-game-geithner\/\">looking to buy each others&#8217; mortgage backed securities<\/a>, essentially swapping their own crap for <span style=\"font-weight: bold;\">someone else&#8217;s crap<\/span> plus a 50+% subsidy.<\/p>\n<p>For once, I find<a href=\"http:\/\/www.ft.com\/cms\/s\/0\/358e479a-1fbf-11de-a1df-00144feabdc0.html\"> a Republican who has a clue<\/a><\/p>\n<blockquote><p>Spencer Bachus, the top Republican on the House financial services committee, vowed after being told of the plans by the FT to introduce legislation to stop financial institutions \u201dgaming the system to reap taxpayer-subsidized windfalls\u201d.<\/p>\n<p>Mr Bachus added it would mark \u201da new level of absurdity\u201d if financial institutions were \u201dcolluding to swap assets at inflated prices using taxpayers\u2019 dollars.\u201d <\/p><\/blockquote>\n<p>I have to say, in reviewing Geithner&#8217;s history, I do not believe that this was an error, but rather something that he <span style=\"font-weight: bold;\">intended<\/span>.<\/p>\n<p>I believe Geithner is Wall Streets bitch, and that this is just another instance when he strapped on the knee pads.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gee, this is a surprise, banks are looking to buy each others&#8217; mortgage backed securities, essentially swapping their own crap for someone else&#8217;s crap plus a 50+% subsidy. For once, I find a Republican who has a clue Spencer Bachus, the top Republican on the House financial services committee, vowed after being told of the &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[970,1004,985,982],"tags":[],"class_list":["post-192405","post","type-post","status-publish","format-standard","hentry","category-corruption","category-finance","category-regulation","category-stupid"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/192405"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=192405"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/192405\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=192405"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=192405"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=192405"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}