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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: Ramsey Su who wrote (27981)	3/7/2005 11:17:07 AM
From: John Vosilla	Read Replies (1) \| Respond to of 110194

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. Ramsey please explain how the cramdown of all those mortgages during that period was not a cleansng of excess debt? How are the Amerifirst, Centrust, Cal Fed, RTC of 1990-94 any different from New Century, Wash Mutual, Fannie Mae or RTC 2 of 2006-10? As a side note pension funds and insurance companies were big players back then and are also big players today in large commercial and multifamily which is not really where the bubble is these days.