Wall Street liked the public-private toxic asset relief plan announced the other day by Treasury Secretary Timothy Geithner [left]. And so do we.
The lead editorial in today's Buffalo News -- "Target the bad debts" -- notes that is looks a lot like the approach the Bush adminstration said it was taking with the passage of the TARP program, but didn't.
This plan seems reasonably structured to entice investor participation in the process—and that participation may prove as important to rejuvenating the markets as any dollars and cents that eventually may flow.
Other views from: The Philadelphia Inquirer [This one better work]. Newsday [It's our best shot]. The Wall Street Journal [The best news about the new Treasury bad bank asset purchase plan is that Secretary Timothy Geithner has finally settled on a strategy. The uncertainty was getting almost as toxic as those securities]. The New York Daily News [Geithner's strategy would harness the borrowing power of the U.S. government to the investing smarts of the private sector as a way to cleanse the toxic assets that have been poisoning America's banks. And The New York Times [In the end, there is no getting around firing the executives at failing banks, acknowledging the losses, wiping out the shareholders and then deciding how the government can best restructure the institutions. The Obama administration has yet to explain why its approach is better than that.]
Today's second editorial -- "Pass a rehab tax credit" -- still likes the idea of offering those who undertake job-creating restoration of houses and commercial structures a New York state tax credit.
The My View column is contributed by Nancy Druelinger [right], who wonders if airlines and pilots are under too much pressure to fly when weather conditions are bad.
And today's Another Voice real estate belongs to Jawad al-Bolani, the interior minister of Iraq, who promises Americans that his nation will not squander the gift of freedom it has been given.
-- George Pyle/Editorial Writer