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Joseph Stiglitz lambasted the White House bailout plan for Wall Street this morning. It's a brutal rebuttal to the lies and half-truths we were fed all day yesterday by Timmaaay's minions. Geithner's plan is a thinly-veiled attempt to funnel even more taxpayer cash directly onto the balance sheets of failed banks.
It is intellectually dishonest and morally bankrupt. Congress voted a certain amount for TARP, and now Geithner is multiplying that sum without going back to Congress by experimenting with FDIC guarantees. That might be a good way of raising lots of cash for the banking system, but it's a very bad way of getting political support.
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