The CEO’s who control the top institutions in our banking and finance system are a clear and present danger to the survival of the United States. The sooner President Obama figures that out and acts accordingly, the sooner we’ll be able to start formulating rational solutions to the banking crisis and start digging ourselves out of this hellhole they’ve put us all in.
Unfortunately, Obama’s Treasury Secretary Tim Geithner is not part of the solution, he’s part of the problem.
Robert L. Borosage, Co-Director of the Campaign for America’s Future:
Faced with the failure of the Paulson-Bernanke banking bailout, the Obama administration has decided to double down. The new plan, described in broad outline by Treasury Secretary Tim Geithner on Tuesday, antes up another $1.5 trillion or more to keep the banks afloat. But it won’t convince many that they are seaworthy.
The plan isn’t likely to get the administration where it needs to go for two simple reasons. It is wrong about where we are starting from. And it is wrong about where we’re going to. If you don’t know where you are and don’t know where you are going, it is very hard to get there.
The plan won’t admit where we are: the major banks in the US are insolvent.
The plan won’t get us where we need to go: we need to restructure – and downsize – our financial sector.