26 Jun 2009

Not a Fan of Geithner

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James Quinn realizes there is some skullduggery afoot (HT2 Tim Swanson). I haven’t read the whole thing yet, but so far he’s my favorite part:

Part 3 of the plan was the fake stress test conducted by Tim Geithner, his Treasury Department, and the Federal Reserve. The entire stress test was a publicity stunt conducted to provide a false sense of confidence in the largest banks so they could fool investors into pouring billions of new capital into their bankrupt banks. The assumptions used in the stress test were stress free. Unemployment is already higher than the worst case scenario. The stress test time frame ended in 2010. The next wave of mortgage resets and foreclosures will hit in 2011 and 2012.

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