Point 1 - absolutely dwarf the RTC - agree. Your point??
Point 2 - With the RTC they needed to make it up as they went, today we have the history to help us. Yes it will take some time but why don’t we have the time to set up an RTC organization?
Point 3 - I am amazed by your pessimism. Do you want to see another Great Depression to prove your point!! Clearly these assets have deflated values due to the panic in the market. Once you take the panic out, the values will return. As the RTC experience proved.
As for profit, if you are buying something for $.35 on the dollar, you have much more upside than downside. You keep forgetting that there are assets behind these mortgages.
We'll let history show which of us is right in our analysis. I'm basing mine on real, past events.
No, I don't want a depression - but that is where we are. I want my kids and grandkids and all future generations to have a country that still exists and can function.