The Treasury Department is being given sweeping powers over the next couple of years as part of a package of measures to purchase 700 Billion dollars worth of Toxic debt. The 'Buck Stops Here' sign moved from the desk of the banking system that created the problem to the ever reliable taxpayer. The public debt limit has been increased from 10.6 trillion dollars to 11.3 trillion dollars. I wonder if the leaders of the financial behemoths that have been humbled in recent days will be handing back the multi million dollar bonuses they received in the last few years while creating the problem ?, perhaps not I think. Tagged as a humiliation of Wall st it should lead to a root and branch reform of the financial system. Lets hope this draws a line under the shocking events of recent days. This looks like a last ditch attempt to steady the boat. If new and yet undisclosed financial mis-deeds come to light it's likely that the kids will find the cookie jar is now empty.
Monday, September 22, 2008
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