The Toxic NCAA Bracket
03/24/2009A March Madness metaphor for the Geithner plan.
Arnold Kling supposes what would happen if he was doing poorly in a March Madness pool that he entered for $10 and Treasury Secretary Tim Geithner came along with a fistful of taxpayer dollars.
“The way his plan works, you can put up a nickel to get a share of my bracket, and Tim will lend you forty-five cents, which you do not have to pay back if you lose. If you win, you and Tim split the proceeds. You’re happy, because for a nickel you're picking up half a share of a bracket worth fifteen cents. I’m happy, because I sell my toxic bracket for fifty cents instead of fifteen cents. Somebody should be unhappy. Guess who?”