Relevant:
- Greek Crisis Raises New Fears Over Credit-Default Swaps
- Derivatives Overseer Rules Greek Debt Swap a "Credit Event," Leading to CDS Payouts
- Economic Rape of Europe Nearly Complete, Part I
- Mandelman U. Presents: There’s Credit Default Swaps & then there’s Credit Default Swaps
- Should CDS be regulated like insurance?
2008-09-23 — dailykos.com
``If we're going to start handing out Free Money, is this the only way to do it? If the problem is the collapse of the housing market, leading in turn to a collapse of these absurd credit default swaps, why not try, for once, a trickle-up approach? Spending nearly a trillion dollars to reduce foreclosures and homeowner debt would have a huge economic impact for the general public -- and it would help teetering credit default swap owners by increasing the value of those assets, or at least limiting the exposure from them. Likewise, a more modest bailout coupled with New Deal-type economic stimuli would seem a far more balanced, rational approach.''
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Comments:
kahunabear at 00:32 2008-09-24 said:
Paulson and company keep talking about paying the "right" price for these crap assets, which is somehow different and greater than the market is willing to pay. This is the price we, the taxpayer will pay for Wall Street's junk. Nobody in congress seems to be questioning it much. If these assets were worth ANYTHING, wouldn't Warren Buffet or Goerge Soros or Bill Gates buy them? The reason they don't buy them is because they aren't worth a damn thing! Paulson and Bernanke refer to this new price they will pay as the "hold to maturity" price. They call the real market price the "fire sale" price. Don't fall for this propaganda! It is a bailout out and the taxpayer is paying Wall Street WAY more than this crap is worth. So, somehow this "reverse auction" where the SELLERS decide the price that Treasury, with their infinite taxpayer dollars, will pay for these worthless assets is a good thing? PUUUUUULEEEEZ! Damn, these people are stupid. Permalinkmichaelblomquist at 01:15 2008-09-24 said:
This is crap and we should demand convictions and disgorgement before one penny is released to these crooks. Paulson should be removed from any control because he is obviously corrupt. There is no way he could have really believed that the problem was contained in subprime. Perhaps he is both corrupt and completely ignorant, but most likely he is just a crook and a traitor who should be tried for TREASON. He just stated that this plan calmed the market; it was the mother of all squeezes that "calmed" the market. GET OFF YOUR BUTTs and demand a indictments and a better deal. Permalinkadd a comment | go to forum thread
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