Bloomberg reports today that some of the Wall Street banks purchased additional risky mortgages prior to Timmy’s PPIP (public-private investment program) implementation.
One might recall that Turbo Tax Timmy was setting up PPIP as a vehicle for banks to actually unload some of the toxic waste on their balance sheets. Maybe if he actually had some measurable experience in the private sector (specifically the wonderful world of taking advantage of people also known as BANKING), he would have realized that maybe he was creating another moral hazard given the fact that once again, the government was the only market for this crap.
Timmy is either incredibly inept or perhaps like his predecessor, Hanky Panky Paulson, he simply wants to once again provide profitable opportunities at the expense of the U. S. taxpayer. Maybe I am too harsh and Turbo Tax Timmy simply had the Audacity of Hope that the thugs would not continue to screw the public.
Grandpa has an eye on you Timmy. Oh by the way, any luck on the home sale?