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What do you think the results will be of Geithner's latest Banking plan?

Original post made by Perspective, Midtown, on Mar 28, 2009

In fact, what is Geithner's latest Banking plan? I am reading that Banks and Geithner are reaching some kind of truce, but I am worrying that we have no details of what the plan is, who it will affect, who will pay for any fall out etc. I am concerned that it will be another set-up like the Community Reinvestment Act, where people like me are fooled into cheering that more people of color own homes, not knowing that the way this happened was through betting the market would continue to grow, not vetting the ability to pay the mortgage, which led to defaults and my pocket financing irresponsible people. Is this going to happen with our banks? Are we going to cheer that banks are taking on the bad assets, only to learn in a few years that we have to cover the bad assets that didn't rise in value as expected?

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