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Cody Willard’s Banking Fantasy

Reported by Ellen - July 9, 2009 -

Guest blogged by Dan

The Public-Private Investment Program (PPIP) is a plan to form public-private funds to purchase the toxic loans from banking institutions. Fox Business’ self-confessed "nut-job," Cody Willard doesn't like the PPIP (surprise). I agree there’s lots to be debated about the issue. But did Willard describe the Program and lay out the reasoned arguments for and against it in his blog post about it?

No, in an effort unworthy even by Fox standards, Willard spent about 65% of his post laying out his fantasy of how Treasury Sec. "Timmy" Geithner, Fed. Chairman "Bennie" Bernanke, and Banker "Billy" Gross stood around figuring a way to stick it to Willard and other taxpayers. Willard’s fantasy is complete with fictitious quotes from the trio. The whole issue becomes one of a scheme to fund the banking industry at the expense of taxpayers.

The other 35% of his post is spent citing a Bloomberg article and ranting against the program.

No mention of the problems the PPIP is meant to solve nor any alternate solutions. Not in Fox World. Not in Willard's fantasies.

But Willard gets paid to write this stuff.