Well I suppose that after the fanfare of TARP then the “poop”, then the re-worked fanfare of PIPP, they couldn’t actually cancel it.
And I must be getting my trillions and billions mixed up again but my recollection was that this was going to be the thing that recued the broken financial system, and it was going to be a BIG NUMBER even for these troubled times.
The current “scaled-down” plan is just another Stress Test whitewash, except more so, designed to establish a “market price” for mark-to-marketing, nothing else.
Mmm…so FASB has a new definition, mark-to-market means when you pay guys like Black Rock to cart the stuff away. Ah ha, now everything is clear! And oh yeah it’s only AAA …err….wot about the toxic stuff?
Wondering what precedent this establishes for that “squeaky-clean” New Financial World Order?
Please guys this is serious – the only thing that will come out of this is that the US taxpayer will pay for those mistakes twice – get real, just bury it! (seekingalpha.com/article/129512-ppip-is-...).