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No, I can't say, because it wasn't necessary. We're all looking at Paulson's right hand waving about conservatorship, but missing his left hand; his left hand
by gills 18y ago
No, I can't say, because it wasn't necessary. We're all looking at Paulson's right hand waving about conservatorship, but missing his left hand; his left hand is bailing out the foreign central banks who bought agency paper and later threatened to dump treasury paper if their agency paper was not backstopped. So now the shareholders get hosed but the foreign central banks get their bonds paid for by the American taxpayers.
- MaysonL 18y agothe foreign central banks get their bonds paid for by the American taxpayers. Given that the bonds are backed by mortgages taken out by those very same American taxpayers, it doesn't seem all that unfair. (And all those T-bills, as well as the mortgage bonds, were bought by dollars paid to overseas businesses to buy lots of cheap goods for American consumers).
- yummyfajitas 18y agoI rent, so it doesn't seem fair to me. I lose while foreign banks and homeowners gain.