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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?
I hope someone can point me to a link that will give me some details. I also hope that it will mean loosening up credit and relaxing the stranglehold banks have over home and land owners right now. Seems they got a lot of money, and none of it went back into the citizens trying to keep businesses and homes afloat.
What do any of you think? Do you think that any of Geithner's secret plans have anything to do with the DOW stabilizing about 7500, or are we just adjusting to our worst case scenarios and responding to "no bad news today" by buying a bit more?