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Politics : GOPwinger Lies/Distortions/Omissions/Perversions of Truth
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To: Kevin Rose who wrote (138386)9/23/2008 10:41:19 PM
From: Lizzie Tudor1 Recommendation  Read Replies (1) of 173976
 
yeah well I have no problem with the "reverse auction" approach which I read about on friday and I saw on PBS Newshour tonight as to where the 700 billion will go. That is a situation where the US govt bids MARKET PRICE on these things (thats what an auction is afterall) and in that environment I think the taxpayer will do ok here.

Bernake talked about the auction today, he mentioned when you sell something at Sothebys you don't know what it will sell for until it sells.

But there are other articles floating around that say the US needs to OVERPAY for these assets because if they DID sell them off at auction price that wouldn't help anything- I agree and so does Paul Krugman. My issue is how much *over* current mkt rates will the US need to pay - if its 20% over thats ok, if its the 'price at maturity'- forget it!

I think a lot of people are confused about this- including me- but this is not just some parachute going to these companies. The US stands to win something here.
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