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Get Ready for 'Hankie Pankie II'

Posted By Conn Carroll On February 2, 2009 @ 11:51 am In Ongoing Priorities | Comments Disabled

It is not everyday we get to agree with Paul Krugman, so it is our pleasure to link to his comments last week [1] about President Barack Obama’s burgeoning plans to request hundreds of billions of dollars of more borrowed money to further socialize our nation’s banks [2]:

As the Obama administration apparently prepares to launch Hankie Pankie II — buying troubled assets from banks at prices higher than they will fetch on the open market — it occurred to me that an updated version of an old Communist-era joke may be appropriate: under Bush, financial policy consisted of Wall Street types cutting sweet deals, at taxpayer expense, for Wall Street types. Under Obama, it’s precisely the reverse.


Article printed from The Foundry: Conservative Policy News from The Heritage Foundation: http://blog.heritage.org

URL to article: http://blog.heritage.org/2009/02/02/get-ready-for-hankie-pankie-ii/

URLs in this post:

[1] comments last week: http://krugman.blogs.nytimes.com/2009/01/29/bad/

[2] hundreds of billions of dollars of more borrowed money to further socialize our nation’s banks: http://www.nytimes.com/2009/02/02/business/economy/02value.html

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