29 January 2009

former assistant treasury sec'y is skeptical of obama's econonic plans

former assistant sec'y of the u.s. treasury, paul craig roberts, outlines why he is skeptical of president obama's economic plans.

"what wall street is banking on is that obama will set up a so called 'bad bank' to purchase all the bad assets and hold them and then sometime in the future, try to sell them for for what they would bring when the economy recovers. apparently, something like this happened in sweden a few years ago and it worked. but of course, the american problem goes far beyond than just bad assets in the hands of banks and thats debt to be addressed - the real problem." paul craig roberts