Discussion in 'Wall St. News' started by JayS, Oct 13, 2007.
If you read through it, Goldman is always there. The firm has too much power and influence. This is nothing more than a bailout, and is a disgrace to the system. If this takes place, I hope for masses to walk on their notes after the resets. 75 billion won't make a dent.
Bottom line is the risk takers need to take it in the ass this time.
At least this is private parties negotiating this. But is it at the gun of the government/Fed?
this has to be the biggest shove off of a barge full of crap ever attempted......
what a laugh......
"The effort to create a backup fund began about three weeks ago, when the Treasury secretary, Henry M. Paulson, called a meeting in Washington that included the chief executives of Citigroup, Bank of America, JPMorgan and other big banks. With Wall Street firms having almost no luck finding buyers for mortgage-backed securities and derivatives, Mr. Paulson wanted to see what could be done to relieve the bottleneck."
this is equal to the crew of the Titanic telling the Captain not to worry about wet carpets
How long is it good for?
Does anyone recall what Paulson was saying publically at the time?
there are always buyers..
the buyers don't want the RISK!
a meeting with major banks
sounds and feels like 'market collusion'
no buyers at face value or asking price.
In 1929, prior to the biggest 'price correction' of a bubble...major brokers an banks had a meeting to buy stocks to prevent a 'sell off' there was a lot of market price corrections prior to 1929 and will always have price corrections in the future..that is how prices move.
history always repeat itself...
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