Generational Theft: Obama and Geithner gambling with their country’s financial reputations(2 gambling addicts)
Having seen the worst elements of casino capitalism ruin Wall Street and generate billions in losses, the pair have stepped back to the roulette table and plan to place up to $1 trillion (£690bn) on black to try to win back the banks’ losses and restore America’s financial credibility. All they can do is hope the spin doesn’t end in the red.
Even the name of their latest bail-out plan – the Public Private Investment Program – sounds like the sort of financing partnership we have seen fail here all too often when applied to infrastructure investments such as the spectacular train wreck that was Metronet, the bust public private partnership (PPP) for parts of the London Underground. The UK Government’s often flawed attempts at clever infrastructure funding and Geithner’s plan have a lot in common.
(Excerpt) Read more at telegraph.co.uk …
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