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There has been little definitive discussion of the actual benefits of the Treasury's new program that will fund the purchase of toxic assets from banks using federal money, and then allowing private money managers to purchase and trade this paper. There has only been speculation about the outcome, and that has been over a broad range. Prominent economists, led by James Galbraith and Paul Krugman, have said that the plan may actually do more harm than good. In the Treasury's corner, Pimco, the largest fixed income management firm in the U.S., endorsed the Administration's plan. "This...
Lastly, Geithner got to the "Public Private Investment Fund" for the securitized assets now clogging the banks' books. The plan envisions creating five investment funds under five outside asset managers. Those managers will get dollar-for-dollar matching investments from the government to buy what were once triple-A rated toxic assets from the banks, and can apply for loans from the government to further leverage their purchases...
Those are more attractive terms than the TALF or investment funds offer, and the buzz that it immediately generated helped give the whole package a good investor-friendly feel. But the TALF plan helps in its own way. Though just getting started, it seems to have a chance at success, and thus gives the impression that the collaboration between the government and investors might work. Next to those two pillars, the once shaky "public-private investment fund" idea now seems sturdier and more likely to succeed...
...output in 2008 to 82% of the economic output in 2019. In other words, if the CBO estimates play out without a change in policy, Obama is on track to accomplish exactly what he promised to change during the campaign, creating a massive burden for the next generation to fund politically popular policies in the short term, like tax cuts and spending programs. (Read "How to Understand a Trillion-Dollar Deficit...
Lights Out. If your hotel goes dark this weekend, don't be alarmed. To honor Earth Hour - organized by the World Wildlife Fund (WWF) to encourage businesses and people to take simple steps every day to reduce carbon emissions - many hotels and cities are turning off the lights on Saturday, March 28, from 8:30 p.m. to 9:30 p.m. The WWF hopes that it can get 1 billion people in more than 1,700 cities and towns in 80 countries to participate. Switching off your lights is a vote for the earth, says the WWF, while leaving them...