When the $750 billion plan to buy toxic securities failed to perk up Wall Street, Treasury Secretary Hank Paulson switched course to buy stock in banks as a way to unfreeze the credit market.
Writing for The Nation, Nomi Prins thinks that Paulson's Plan B still won't work. Former Wall Streeter Prins was once a managing director for Goldman Sachs.
Prins is calling for reregulating the financial markets. The whole article is short, lively, and worth reading.
Thursday, October 16, 2008
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