Geithner Reveals Toxic Assets Plan = Bank Bailout Part Upty Ump- Market Sizzles

The market held a major rally today on hearing the details on the new plan by Treasury Secretary Geithner to rid banks of their toxic debt.

It’s not surprising that Wall Street took off like a rocket….

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The government is shouldering 85% of the debt for private investors that only need to put up 15%. In English, that means we the taxpayer are soaking up the bad debt with a risk 6X greater than the private enterprise that buys into these assets.

So the banks screw things up, and get to unload the vast majority of their crap on the US….which is “us”……nice. I just hope all this extra debt we are taking on doesn’t lead to a bigger devil down the road – runaway massive inflation.

Perhaps this couldn’t be helped in order to stave off a depression type scenario- but I do know this- I better see the government move to change the way things are run on Wall Street. No company should ever be “too big to fail”. Those that are need to be reduced in size starting NOW.

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