Senator Judd Gregg (NH - R) says that while he thinks the Obama administration is basically doing the right thing to save the U.S. financial system, he also thinks those same policies will bankrupt the country. In other words, we’re saving ourselves now just to suffer incredibly later.
The markets seemed to have a better opinion of the newest plan to fix the problem though, shooting up practically 200 points in early morning trading alone. Touted by Treasury Secretary Geithner, the strategy this time involves creating a new entity altogether. Technically, this idea is hardly new since President Obama was considering such an idea before he was officially President Obama. But one way or the other, the Public-Private Investment Program will assist in purchasing up to $1 trillion in toxic assets on banks’ books.
