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Tuesday, October 14, 2008

Terrible, terrible banking ideas

What could go wrong with this?

In addition to injecting money into the banks, according to the plan, the United States would also guarantee new debt issued by banks for three years — a measure meant to encourage the banks to resume lending to one another and to customers.

We got into this mess because banks were loaning money to people who could not afford to repay it, and now we are going to guarantee new bank debt without qualification? I sure hope this is just sloppy NYT writing.

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