Bankruptcy

Omen of Things to Come?

By mcbride

If the economy falls off a cliff starting tomorrow, then there will only be more of this kind of finger pointing and name calling between Washington and Wall Street.  ?Treasury Secretary Timothy Geithner defended the Obama administration?s economic record and dismissed a call for his resignation from the senior House Republican on the Joint Economic Committee.  Geithner blamed the policies of the Republican party and President George W. Bush for the financial crisis that pushed the nation into the deepest recession since the 1930s.? Remember the aftermath of the S&L crisis in the late 80?s and early 90?s ? Congress changed the tax law, deregulated and lenders went crazy making loans and making themselves rich?and then 160 billion in losses later, the blame game was on.  At any rate, should the economy fall as some expect, then the blame game part 2 will begin indeed and this squabble will look like nothing by comparison. 

Here is a link to this story: http://www.bloomberg.com/apps/news?pid=20601103&sid=aeEwuWqd8tGw

 Michael

Full post as published by Texas Lawyer Blog on November 19, 2009 (boomark / email).