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Tue Mar 18th 23:50 PM | Rating: 0 0
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It Wasn't a 'Bailout'

One thing that people don't mention is that while the equity holders took it on the chin the BS bondholders did get a bail out with this transaction. I really can't see how the FED didn't end up at the bottom of the slippery slope with those stakeholders.
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Tue Mar 18th 20:51 PM | Rating: 0 0
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The Fed Underdelivers

25 BP one way or another doesn't make a practical difference. The underlying issue is solvency and how to unwind years of overvalued real estate sales -- residential and commercial -- and out of control leverage.

The only real option that I've seen is to play for time and hope the private sector can unwind the bulk of it before the Fed has to step in and take the rest onto its books. Once that happens, the only face saving way out is inflation and dollar depreciation -- something that is happening in tandem anyway. Of course, that illusion doesn't really change the fact that the Fed is going to eat something on the order of $500B - $1T to support the system.

The real question is whats the next shoe to drop?
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