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Nobel laureate economist Joseph Stiglitz lambastes the Obama administration’s plan for ridding banks of toxic assets as a boon for Wall Street and a bust for Main Street.
“The Obama administration’s $500 billion or more proposal to deal with America’s ailing banks has been described by some in the financial markets as a win-win-win proposal,” Stiglitz writes in The New York Times.
“Actually, it is a win-win-lose proposal: the banks win, investors win — and taxpayers lose.”
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4. Taxpayers face years of debt in bank salvage deal
5. Toxic Asset Plan Will Leave The Same Amount Of Toxic Assets In The System, But With the Taxpayers Now Liable For Most Of The Losses
6. Cramer: U.K. Bank ‘Socialization’ a ‘Great’ Plan for U.S.
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10. What Happens Now to Plan to Buy Toxic Bank Debt?
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