Friday, July 09, 2010

Click on Krugman

The blog from today. Over on the right side of the page. The one that says, "Today In Instant Neener Neener".

Then you’ll have to click on and read (and least a paragraph or two) of the two business stories he directs you to. It’s worth it. Trust me. And in case you don’t remember, Paulson is the 3.7 billion dollar man I’ve discussed before.

Try to keep reading the Business Week article Krugman directs you to -- at least until you get to this part.

”Paulson wasn't buying banks because he liked their second-lien books; instead, he had grasped that the Swedish-style takeover Krugman advocated was not going to happen, and that a tacit federal backstopping of the banking industry took most of the risk out of going long.”

That’s right, you (the American taxpayer) are still providing the rich guys with a patsy.

Don Brown
July 9, 2010

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