Saturday, March 21, 2009

Really Bad Ideas

Paulson kept proposing versions of this, but even he wasn't dumb enough. Sadly, Timmeh is.
The plan is likely to offer generous subsidies, in the form of low-interest loans, to coax investors to form partnerships with the government to buy toxic assets from banks. To help protect taxpayers, who would pay for the bulk of the purchases, the plan calls for auctioning assets to the highest bidders.

As Dean says, if the reporting is accurate Timmeh is even dumber than I think he is.

Krugman has more. We are so screwed.