Down the dark path

[...]

That's a little bit like the situation with the newly revealed, final US Treasury Secretary Timothy Geithner toxic asset recovery bank program. It may work. It may not. Whatever happens with its effectiveness, one thing is certain. US taxpayers are definitely going to be getting the chop, maybe you could even say they're getting it in the chops, as a result of its implementation and administration.

It has now been over a year since I advocated that the subprime and other mortgage-related debt securities that were depreciating away, as a result of falling real estate prices, in major banks' portfolios be somehow removed. (See And the band played on, Asia Times Online, March 6, 2008.)