The masters of the universe now seem masters of nothing. Within the financial world though, alternatives to the Treasury plan emerge from bright and independent money managers outside the group-think of large corporatist investment banks. Rather than buy the bad assets on the books of foolishly managed banks (without Congressional oversight nor court review), economist and money manager John Hussman proposes something more like a traditional bankruptcy, wiping out the equity and some junior debt of the banks. He also suggests a way to solve the root of the crisis, the pile of bad mortgages still accumulating.
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