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To: saveslivesbyday who wrote (149340)9/23/2008 11:16:09 AM
From: Paul KernRespond to of 306849
 
f the banks have to mark down the price of assets, it defeats the whole purpose - i.e., bailing out WS <ng>

Welcome to the United States of Goldman Sachs.



To: saveslivesbyday who wrote (149340)9/23/2008 11:28:02 AM
From: atticus4pawsRead Replies (2) | Respond to of 306849
 
No, the purpose was to allow them to be moved off the books at any price > 0. They should be happy with a reverse auction. I'll be at a loss for words (at the stupidity) if Treasury pays full price. Wait, I'm already at a loss...



To: saveslivesbyday who wrote (149340)9/23/2008 12:40:41 PM
From: Peter VRead Replies (1) | Respond to of 306849
 
"If the banks have to mark down the price of assets, it defeats the whole purpose - i.e., bailing out WS <ng>"

I've made that point in conversation, that the bailout won't really improve the financial status of the banks, many of whom are insolvent when assets are marked to market.

Yet we want to throw a trillion dollars at the problem. And if we buy stuff marked to fantasy, it could be many multiples of trillions.


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