The Early Reviews on Geithner’s Bank Rescue Plan: Fiasco!

Treasury Secretary Timothy Geithner is just now announcing the details of the administration’s bank bailout plan, but Naked Capitalism already has a verdict - Fiasco!

Here we have another scowling Treasury secretary, with a bit more hair than his predecessor, serving up the same fatally flawed approach as before: let’s just throw money at the banks and hope they get better. This is tantamount to using antibiotics to treat gangrene. You waste good medicine and the progression of the rot threatens to kill the patient.

Well, let’s not mince words.