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October 2, 2008

Quote du Jour: Paulson's "Sieve" Plan

Quote of the day goes to my friends at CNBC who have a story up about consumers struggling to get credit. It contains the following quote of Jim Bianco dismissing the current Paulson plan as being unhealthily similar to a rejected proposal Paulson made last year:

"I didn't think that bill they were voting on yesterday was going to do much good for anything. Yes, it would have given a psychological boost--the problem is the banking system is too small. The banking system needs capital."

"It would have been a lot like all the other Paulson plans. None of them have worked so far. This is just the sieve bailout, version 2008, which failed last year to get through." [Emphasis mine]

[via CNBC]

Ah, the sieve (nee SIV) bailout. I remember it well -- it just can't hold onto anything. Even though the above was phonetic and accidental, I wish I had thought of first.

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