Get Ready for ‘Hankie Pankie II’
Conn Carroll /
It is not everyday we get to agree with Paul Krugman, so it is our pleasure to link to his comments last week 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:
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.