Reader Lookout has done a great job of not only editorializing Geithner's earlier WSJ opinion piece for junior high school English grammar but also explaining in simple English the message that Geithner is trying to convey between the lines. For anybody still confused of what all the hoopla is about this is a must read.
As an aside, Zero Hedge is very interested, as we are sure many of our readers are, just who are the private equity and hedge funds that Geithner consulted with as he was coming up on the fly with this most recent modification in the bail out plan. Something tells us those who will benefit the most were likely the most vocal in providing their 2 leveraged cents (this could provide an early clue). After all funds such as PIMCO, Blackrock et al are getting 12x purchasing power for free, happy to overpay for some bad assets off the banks' books, while the rising tide bails out all of their existing underwater investment. One would have once hoped the government would check for conflicts of interest but now it doesn't matter anymore. Every TALF investor is protecting much more than is putting at risk... everyone knows who will foot the ultimate bill if and when this house of cards crashes yet again.
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