Let’s Make A Deal or Sympathy for the Devil
March 24th, 2009 categories: Just "My" Opinion
As I listen to Treasury Secretary Geitner and President Obama talk about the New Plan for the toxic assets I am reminded of Bob Barker of Let’s Make a Deal. It appears the New Plan involves a partnership with the government and the Private Sector. The Government would buy up $700 billion dollars worth of toxic assets while assumming the majority of the risk (93%) versus (7%) risk to the Private Sector. Sounds too good of a deal to pass up if I were an investor.
But wait I am reminded of another toon in the back of my head regarding this plan and it is..
Mick Jagger singing “Sympathy to the Devil” .Even the first lines in the song are kind of chilling, “Please allow me to introduce myself I’m a man of Wealth and Taste.
It seems the Government is about to enter into a relationship with the “Devil” himself to solve the toxic asset problem with the banks. As I see it we need to stabilize the housing market and find investors for these toxic loans but does it have to be with the Devils on Wallstreet ? It seems to me that it was Wallstreet that got us into this mess. Its time they started to be part of the solution but as I see it they are the only ones going to make a profit in this new plan.
