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Wednesday, February 18, 2009

FromDC2Iowa: Financial crises for dummies

Excerpted from this post at FromDC2Iowa

An Open Letter to Secretary Geithner and Congress ... This parable
showed up in my email this morning. ... In any event, it's as good an
explanation of how we got into this mess as I've seen. It's also a
warning to Washington that "we know what you're up to." My solution?
1. Kill the zombie banks before they strike again; shareholders take a
bath, FDIC protects depositors. 2. Let investors, not taxpayers,
evaluate the value of, and buy, "toxic assets" (what an oxymoron that
is!) with no government guarantees. 3. Temporarily nationalize any
banks that believe they need taxpayer funds, buying their stock at
current market value.

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Mike Schramm
Andy Szal

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