Per Calculated Risk today, James Galbraith has dubbed the new Treasury plan BARF: Bad Assets Relief Fund. Or perhaps it could be called Confused Relief of Assets Plan.
Yves Smith at Naked Capitalism and Mish at Global Economic Trend Analysis this morning each skewered the plan mercilessly based on last night's NY Times preview of it.
The stock market is passing its judgment of the day today, down 3-4% at a time when so many people were looking for a rally. Worse, virtually everything is down except for the safe haven plays: gold and Treasuries.
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