Today our friend, Treasury Secretary Timothy Geithner, announced (this time not on TV) the administration’s newest toxic-asset repellent plan. It is another of several banking plans that have that have tried to deal directly with mortgage foreclosures.

Geithner has said that the country cannot afford to simply wait for banks to work off these bad assets over time.

No we can’t afford to wait so knowing the loans are bad, the banks have an obligation to write them off now and declare the loss. What they are doing now is hiding a loss we all know is there. Don’t wait for the tax payers to bail the banks and their shareholders out. Take your lumps! If you go out of business the tax payer will better off. Too big to fail? Horse pucky!

And exactly which banks are we talking about? How many banks? You can bet that Citi, Wells Fargo and Bank of America will right up there on the list. And how about the brokerage houses that switched themselfs to banks, Morgan Stanley and Goldman Sachs?

Did you know?

Goldman was the second largest donor to the Barack Obama campaign and the fourth largest to the John McCain campaign in the 2008 presidential election.

I read it on the web so it must be true.

And the beat goes on, the beat goes on.