Sure hope Robert Kuttner’s source is wrong.  These guys Summers and Geithner are beginning to sound a lot like Dick Cheney to me, which is not good.  The last thing we need at the Whitehouse is a set of Cheney twins selling another “toxic” project to another U.S. President: 

“. . . If President Obama wants a second opinion, he could begin with Paul Volcker, nominally chairman of Obama’s own “Economic Recovery Advisory Board,” which so far is mainly window-dressing. According to my sources, Summers and Geithner seldom talk to Volcker because they don’t like Volcker’s criticisms of their plan.

The president could also consult with several people in the Federal Reserve System who have a different view, and also the FDIC leadership, and the Congressional Oversight Panel that was created by Congress as the precondition for appropriating the TARP money. The panel has the statutory right to get documents from the Treasury. But under Geithner as under Paulson before him, Treasury has been stonewalling. Legislators of both parties are increasingly viewing Geithner as part of the problem.”

http://www.huffingtonpost.com/robert-kuttner/lifting-the-tarp-will-pre_b_175149.html

It’s just more trickle down economics. Bank collapse is just a scare tactic to get more free taxpayer money.  The banks are basically on strike and will not lend because there is no demand for loans.  This policy of bank bailouts is a fraud.  Allow the banks to declare bankruptcy.  The solvent banks will take up the slack if demand for bank loans returns. Just say no as loud as you can to Washington and Wall Street.  We can live with the results.

The Geithner scam is to have the banks sell their junk to private investors.  The taxpayers will guarantee the private investors against loss on the junk.  When the junk goes bad, the taxpayers will pay the private investors.