They are setting up a resolution trust corporation to buy bad paper from banks at par. The taxpayer will foot the bill. The resolution trust will, in turn unload the paper to the highest bidder, likely at pennies on the dollar.
This "bad" paper will be worth 20 cents on the dollar, maybe even more. The banks that sold it know exactly what it is worth. Who will buy it from the government? The same banks that sold it. At 2 cents on the dollar or less. They will make a one thousand percent profit, at least. They deserve it. They are taking the risk. That's what Capitalism is all about. Just ask Hank Paulson and his boss, George W. Bush. This is the kind of naked piracy that makes their nasty, little penises hard, late at night, when they have their most secret thoughts.
Bend over American tax payers! You are getting what's coming to you. Oh Baaby!
1 comment:
From the New York Times:
http://tinyurl.com/3ow5po
We're facing total economic collapse, and the boys with the sharp pencils want to buy bad debt to heal the banks and investment banks.
I think we're going into a depression, and there isn't a thing to do about it.
beebs
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