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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