“If your definition is correct then their market value is zero since these securities are unmoveable in today’s market”
Clearly the MBSs have value if the market can get unclogged and they are actually “backed” but not so sure about the CDSs. These may end up being completely written down. That is really the problem if you try to buy the MBSs you have to unwind the CDSs. I think they will be pretty much wiped out. Could be wrong. That is the part of the plan I am really interested in seeing.
A: ALL OF THEM, IF WE ACT QUICKLY!
I have left phone messages for my two Senators and Congressman, and now am preparing faxes to send today in opposition to the ONE TRILLION DOLLAR BAILOUT!