The Epic American Credit and Bond Bubble Laboratory Message Board

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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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To: John Vosilla who wrote (27962)	3/7/2005 9:25:34 AM
From: Ramsey Su	Read Replies (1) of 110194

John, I have to make a correction to your repeated remarks about debt being wiped out during the S&L debacle. That debt was never wiped out, it was transferred, transferred to the $500B or so RTC spent on the bail out. While debt was ranferred to the tax payers, the assets went to the likes of GS and GE Cap at deep discounts. While it is true that the borrowers' obligations were wiped out, through BK and other means, the debt is paid for by someone somewhere. Looking forward, who is going to pick up the tab this time around? FNM FRE shareholders? WM shareholders? Taxpayers for sure in some manner. CBs holding agency paper? ..............

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