Bracing for the next bailout

Robert Reich.

More Lemon Socialism — And Why The Limits on Wall Street Pay Are For Show

… By the way, get ready for some really horrifying bailout numbers. Goldman Sachs — not one to exaggerate the overall problem — recently estimated the total value of troubled U.S. bank assets to be $5.7 trillion. Hence, do not be surprised if the next stage of the bank bailout dwarfs the cost of the stimulus package. My guess is that’s reason the administration wants the stimulus bill approved before it fully unveils the price tag of the next bank bailout.

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