Hank Paulson's plan will soon be rammed through Congress, likely with strings attached for "homeowners" and executive pay. Too bad, because the plan is flawed and taxpayers are likely to get hosed. Especially too bad because a much simpler plan would save the system without socking it to taxpayers.
The main problem with Paulson's plan is this: If the government pays as little for the banks' troubled assets as it should to protect taxpayers (i.e., the market rate), the banks will...
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