Links for 2009-02-16

  • A Stress Test for the Latest Bailout Plan | NYTimes.com – «Under his [Geithner’s] proposal, banks that failed the test — i.e. they were insolvent once their bad assets had undergone, as he phrased it, “more stringent marks” that better reflected their true value — would get all the capital they needed to meet minimum capital requirements. In return, the government would get a little under 80 percent of the common equity, plus additional preferred shares. (Under his proposal, the current shareholders would retain a much-diluted 20 percent, which he calls “a hope certificate.”)» – E questo è l’errore fondamentale, AIG-style;
  • Economist’s View | “Bogus Arguments about the Burden of the Debt” – «[The stimulus package] ‘It’s ‘generational theft’, said Senator John McCain, just a few days after voting for tax cuts that would, over the next decade, have cost about four times as much). So let’s look at this and see if the generational theft charge has any foundation or, as is more likely given recent history, it is mostly scare tactics being used in an attempt to manipulate public opinion»;

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