Serious question - how can the administration object to a plan to take equity in exchange for a bailout? Didn’t we just do that?
I know it was tough to vote against the bailout and maybe there was no choice but this feels like a slippery slope the other slippery slopes look up to.
It’s pretty slippery alright! Maybe the Bush Administration sees more trouble on the horizon in the banking sector. I am sure that Obama will buy up all the worthless ACORN mortgages when he gets in office. (yet another eye roll)
“I know it was tough to vote against the bailout and maybe there was no choice but this feels like a slippery slope the other slippery slopes look up to.”
It feels like a slippery slope because Paulson greased it with suggestions that more than real estate backed securities might be bailed out.
He’s still talking about purchasing car loans-—I’ll take a wild guess, those have been securitized to into tradeable derivatives, and the foreigners bought the paper.
This slope is just as slippery as KY can make it...