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Now I know why Paulson kept using the phrase "buy and hold" so mechanically in his interviews this weekend.
The intention isn't to purchase the bad paper at market value or even a discount from full price. Instead, they want to avoid "fire sale" prices and offer what the paper would be worth if held to maturity.
WTF???!!!!
That's like me offering some homeowner who bought at the peak his full asking price that also covers the HELOC he took out to buy his boat and hummer.
Asking price? They actually expect us to pay a value beyond what this SH*T is currently worth.
nothing short of a scam. My thinking is that the entire apocolyptic situation is also grossly exaggerated by Wall St. to scare the American public into bailing out "Wall St. and friends".. they said we were 500 trades away from financial meltdown, yet it's been a week and there has been some flux in the markets but it's nothing big.
There will definitely be some big pain without a bailout yes, but the consequences of doing this bailout, destroying our currency and giving carte blanche power to some idiots who started this in the first place is much more dangerous to our country.
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