On Sep 26, 9:00*am, "Stormin Mormon"
A guy walks into a party, and asks a woman "Would you have sex with me for a
million dollars?" She says sure. And of course he doesn't have a million
dollars. But the decision is made, they are going to get it on. Now, it's
just about deciding how much is the price.
I have that sense with the bailout for Freddy and Fannie. My sense is the
bailout is a done deal. The question is only the details. What's the end
result? The Fed, with all the power of the government, will take large
ammounts of my money, and give it to someone else. It's not roads, bridges,
or even pork barrel construction projects. Just a big transfer of money.
Christopher A. Young
Learn more about Jesus
It's not exactly giving the money away, which unfortunately is the
impression most people have because the media has not done anything to
explain it. Even Bush didn't do a good job of explaining it. What
they are going to do is conduct a reverse auction for loans that are
delinquent, but have not defaulted on. That means the govt will put
up say $50 bil, and have insitutions make bids of how many of these
loans they are willing to turn over for that amount.
Ultimately, the govt winds up owning the mortgages and will likely be
able to restructure and eventually make good on a good portion of
them. Exactly how much they will recover remains to be seen if the
plan is put into effect.
If you don't like this plan. what exactly is your proposal? Do
nothing and risk a depression?