By Ben Cohen
The Nobel Prize winning economist doesn't think much of Obama's bank bailout:
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. Actually, it is a win-win-lose
proposal: the banks win, investors win — and taxpayers lose.
Treasury hopes to get us out of the mess by replicating the flawed
system that the private sector used to bring the world crashing down,
with a proposal marked by overleveraging in the public sector,
excessive complexity, poor incentives and a lack of transparency.
It looks like Europe feels the same way.