10-28-2008, 01:11 PM
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Hall of Fame Poster
Join Date: Jan 2007
Posts: 22,665
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Paulson Plan under Review
Here's the latest update on our $700 billion. and to those who touted "we should MAKE money on this deal"...The joke's on YOU!!
"Remember the original Paulson plan before it morphed into plan B, then plan C? The original plan was going to waste $700 billion in taxpayer money buying "Top Rated" mortgage garbage at whatever price Paulson wanted to pay.
We were told that taxpayers would make a profit on this. Of course anyone in their right mind knew that was nonsense but it did not stop every lout on CNBC from touting the fine benefits of the plan.
Now most of the first $350 of the $700 bailout has been spent and we see what those "Top Rated" securities are worth: 18 to 30 cents on the dollar.
Supposedly the original Paulson plan was needed because otherwise the stock market would crash. Well it crashed anyway, along with the global economy. So Paulson went with plan B (a hodgepodge of disjointed ideas) to fully embracing plan C, recapitalizing banks so they would have more money to lend."
...and yet they are not lending!
Mish's Global Economic Trend Analysis
PR
Last edited by PatriotsReign; 10-28-2008 at 01:12 PM..
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