Why Individual Investors Can't Get Geithner's Sweatheart Deal
Tim Geithner's plan to remove toxic assets from the books of crippled financial institutions is receiving mixed reviews. Nobel Prize-winning economist Joseph Stiglitz said the plan "amounts to robbery of the American people. I don't think it's going to work because I think there'll be a lot of anger about putting the losses so much on the shoulder of the American taxpayer." (Wouldn't you like to see the cage match between outside Democratic genius economist skeptics such as Stiglitz and Paul Krugman and inside Democratic genius economist promoters such as Larry Summers?)
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