Pity Tim Geithner, blamed for an inadequate bank clean-up programme to the extent that stock markets fell even as he was unveiling the scheme. The reason seems to be an absence of clarity in the choice of insured or guaranteed prices versus “bad bank” purchases of toxic assets, and the basis of asset valuation. However, whilst details remain unclear, the clean-up programme points towards re-establishing bank lending and may therefore still be seen as a positive step towards halting the GDP decline. |
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