Tarry for the Nonce

March 24, 2009

A Frickin’ Genius, He

Filed under: Uncategorized — lmwalker @ 8:36 pm

Obama finds, to his surprise, that Wall Street has the money.

The Obama administration, after months of criticizing Wall Street, has been scrambling to woo top bankers and financiers to back its latest bailout plan . . .

[T]he administration has concluded that it needs the private sector to play a central role in fixing the economy. So over the weekend, the White House worked to tone down its Wall Street bashing and to win support from top bankers for the bailout plan announced Monday, which will rely on public-private investments to soak up toxic assets . . .

Meanwhile, Treasury Secretary Timothy Geithner and his colleagues worked the phones to try to line up support on Wall Street for the plan announced Monday. They told executives they don’t favor using the tax code to retroactively penalize specific individuals who had received bonuses, according to people familiar with the calls. They asked officials to sign on “in pencil, not ink,” and to “validate” or “express support” for the plan, these people say.

Obama has apparently discovered that if one wishes to increase the velocity of currency, one needs to encourage the spenders.

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