Relevant:
- Federal Reserve continues shadow bailout of banking industry -- $947 billion of overpaid and low demand mortgage backed securities sit on the massive $2.8 trillion Fed balance sheet
- FUND VIEW-Crisis seen ending when distressed market buys
- Zell Returns to Grave Dancing With $625 Million Distressed Fund
- Next Bubble to Burst Is Banks’ Big Loan Values
- UBS sells mortgage assets at discount
2008-11-11 — denninger.net
"Treasury said there would be an immediate banking system collapse and a Depression if they did not immediately buy "distressed mortgage-backed securities", and yet not one single dollar of said distressed assets have been purchased to date, while $310 billion has been spent or committed so banks can make acquisitions and fund bonus pools, with said acquisitions happening at 60% discounts to claimed balance sheet values just days prior."
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