See The Big Picture’s short post for the wonderful breakdown of the apparent function of Geithner’s PPIP.
It’s a fantastic way of explaining the program to a layperson. And to give you an idea of the conclusion, here is the poster’s final comment:
“As a money manager for our clients, the Cumberland firm [Cumberland Advisors] will look at PPIP and may use it on behalf of clients after we have reviewed an official form of an offering document. As a private citizen concerned about my country and its policy direction, I think this reeks and stinks.”
That’s very honest of him and it is exactly the way it should be looked at: A goose for the investment community and a delayed robbery of taxpayers (as taxpayers won’t know how much they’ve lost until the TRUE market values for these toxic assets are revealed months or years down the road, and that’s assuming that the government exits the market-creation business by then. Or, I suppose, the government could maintain it’s role as the very visible hand of the market indefinitely, and we can each take time and resources robbing ourselves at the expense of the few people who decide not to participate in the raid on taxpayer coffers)
Damn, it feels good to be a bankster.
… and the cow goes moo
[...] Those whose great wealth allows them access to the elaborate welfare programs of the state (PPIP?) will have their fall broken by the resilient and slow-to-complain [...]
[...] Those whose great wealth allows them access to the elaborate welfare programs of the state (PPIP?) will have their fall broken by the resilient and slow-to-complain [...]