Kashkari is well aware that it was always a solvency crisis (Wikileaks Cable)...
For those unfamiliar, Steve Liesman is CNBC's most highly-decorated bailout apologist and Neel Kashkari managed TARP for Paulson and then Geithner, before going to the woods for 6 months to chop wood and read Thoreau on a circuitous route to PIMCO.
So when he was at Treasury (the ultimate sell-side bank), Kashkari would often say that TARP was essential for the preservation of financial stability while making vague allusions to super-galactic devastation and destruction that was avoided only through righteous and swift Paulson bailout action. But now that he's at PIMCO (the buy-side), Kashkari calls the Euro bailouts 'band-aids and duct tape.'
Consistency is overrated anyway, right?
Kashkari is well aware that it was always a solvency crisis (Wikileaks Cable)...
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Flahsback: Is Kashkari a chump...
Elijah Cummings wonders out loud if AIG is rolling Neel Kashkari?