pkscottx

Bailout Talks Lose Sight of the Cost Question

The National Australian Bank wrote this garbage off 95%. They valued it a 5 cents on the dollar. No sane institution or investor is buying this crap at any price. The underlying assets are still in freefall and forclosures are excelerating. Paulson wants to use US taxpayer dollars to buy what granny would have called "a pig in a poke."
Part of the problem is that nobody knows what they are "worth" but as the saying goes "it's only worth what someone is willing to pay for it" so mark it to market!
I certainly won't be loading up my portfolio with this junk and I resent the hell out of being forced to purchase it by the government.
Oh yeah, the so called "financial rescue" won't work on any terms that don't cost the taxpayer a bundle.