Geithner’s latest bailout plan explained very clearly.

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See here.

This 12 minute video is eminently watchable by anyone who understands the simplest balance sheet structure. The person doing this explains ever so well who the bagholders are likely to be under Geithner’s latest plan to buy the toxic assets from the banks.

It’s either horrendous bailouts like these or else more sensible and just bankruptcy-like procedures. Paulson and Geithner and other Wall Street insiders continue to rape the American public with plans to transfer HUGE wealth to the banks who made the bad loans. These guys need to be stripped and made to walk down Wall Street naked in front of the press corps. And if Congress approves, the American public should barricade Capitol Hill.

2:29 pm on March 26, 2009