The Geithner-Summers plan, officially called the public/private investment programme, is a thinly veiled attempt to transfer up to hundreds of billions of dollars of US taxpayer funds to the commercial banks, by buying toxic assets from the banks at far above their market value. It is dressed up as a market transaction but that is a fig-leaf, since the government will put in 90 per cent or more of the funds and the “price discovery” process is not genuine. It is no surprise that stock market capitalisation of the banks has risen about 50 per cent from the lows of two weeks ago. Taxpayers are the losers, even as they stand on the sidelines cheering the rise of the stock market. It is their money fuelling the rally, yet the banks are the beneficiaries.
官方称为公/私投资计划的盖特纳-萨默斯(Geithner-Summers)计划，通过以远高于市价的价格从商业银行手中购买问题资产，暗藏着把多达数千亿美元的纳税人资金向这些银行转移的企图。该计划以市场交易的方式进行，但这只是一个幌子，因为政府将投入90%或更多的资金，而且“价格发现”过程并不真实。毫不奇怪，这些银行的股票市值较两周前的低点上涨了约50%。正当纳税人站在一旁为股市的上涨而欢呼的时候，他们已成为了输家。正是他们的资金引发了股市的反弹，然而银行才是受益者。