“bail’n out bankers is bad for wealth”
Latest Updates: bailout
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“…Maybe the House of Representatives can slip a provision in the bailout bill appropriating some cash for appraisers in New York to buy band-aids…”
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“The House of Representatives gave final approval on Friday to the $700 billion bailout for the financial system, reversing course to authorize what may be the most expensive government intervention in history.
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Now this hits home since we do our personal banking with WaMu. And I doubt I’m alone in thinking this whole unprecedented experiment in “price discovery” completely breaks down. No end in sight.
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Left & Right: Has your gag reflex started yet?
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Feds planning “a program to let banks get rid of mortgage-related assets that have been hard to value and harder to trade.”
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Ouch… it just keeps getting worse.
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Wow! “Treasury Secretary Henry Paulson announced plans Sunday to take control of troubled mortgage giants Fannie Mae and Freddie Mac, replace the companies’ chief executives and provide up to $200 billion in capital to restore the firms to financial health. The Treasury’s plan puts the two companies under a conservatorship, giving management control to their regulator, the Federal Housing Finance Agency, or FHFA. In return for agreeing to provide as much equity capital as needed later to cover losses stemming from mortgage defaults, the Treasury gets $1 billion of preferred stock in each company without providing any immediate cash.”
