Bailout Head Neel Kashkari: Big Toolkit, No Action

In case you missed it, here’s a summary of new Office of Financial Bailout head Neel Kashkari’s presentation this morning:

We’re formulating all sorts of cool plans, including:

  • trash mortgage-backed securities removal
  • trash whole loan removal
  • equity injections
  • keep-people-in-houses initiatives
  • humongous oversight and accountability

Unfortunately, we got so spanked last time for rushing out a plan that we’re not going to start doing any of this for a while. Right now, we’re just hiring people [insert list]. We’re also listening carefully [so if you have ideas, please send them along!].

Meanwhile, if you want actual action, please look across the pond, where Gordon Brown announced his plan on Saturday and bought three huge banks this morning.

In other words, Kashkari has a brand-spanking new pickup truck outfitted with all the latest tools. Someday, maybe he’ll actually drive it to the job site.

See Also: Who the Hell Is Neel Kashkari?

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