Wednesday, April 01, 2009

Obama’s Ersatz Capitalism - NYTimes

A great piece that lays it on the line. Read this, it explains the new bank "partnership" in clear and gory detail.
Paying fair market values for the assets will not work. Only by overpaying for the assets will the banks be adequately recapitalized. But overpaying for the assets simply shifts the losses to the government. In other words, the Geithner plan works only if and when the taxpayer loses big time.

What the Obama administration is doing is far worse than nationalization: it is ersatz capitalism, the privatizing of gains and the socializing of losses. It is a “partnership” in which one partner robs the other. And such partnerships — with the private sector in control — have perverse incentives, worse even than the ones that got us into the mess.


Guan Hui said...

Hi there. I'm Guan Hui. I have encounter problem in linking the oracle driver in netbean IDE 6.0. I'm currently using Vista Home Basic. Is there any solutions and guidance to resolve the problem coz I'm working on my project. I saw your blog accidentaly and therefore I just drop a comment hoping that you will see this and reply me asap. Thanks alot.

Guan Hui

Unknown said...

Hi, Guan. I'm no longer working on NetBeans. You should post your question to the list. To subscribe to this list, send email to


Guan Hui said...

O.. Ok. Thanks for your advice.