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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Jim McMannis who wrote (150757)	9/26/2008 12:30:26 PM
From: CalculatedRisk	Read Replies (3) \| Respond to of 306849

I opposed the Paulson Plan from day 1. Last Friday - before the Paulson plan was presented - I suggested a Reconstruction Finance Corporation (RFC) type plan to inject capital into banks with the taxpayers receiving preferred stock. I do think there are systemically important institutions and I think there is a serious problem because many institutions are not lending (a classic credit crunch). I think it is in the public interest that banks in general keep lending. I don't think it's in the public interest who OWNS the banks. The Paulson Plan bailed out existing shareholders using taxpayers money by paying a premium for toxic securities. That was the wrong approach. Senator Dodd moved the ball in the right direction by adding equity sharing ... but I think the initial plan was so flawed that we ought to start over - and go back to an RFC proposal. The idiots - like Maxine Waters who only wants to make sure women and minorities are hired by the Paulson boondoggle, and the GOP right wingers who want to cut the capital gains tax - should just be ignored. So maybe if McCain and Obama explain their positions tonight that would help.