Sue sez:
Maybe the shitty-forgive-my-language derivatives have no value. And that’s why nobody want to buy them. So we the taxpayers will. So Wall Street executives, may they be flambeed in tulip bulb oil, can get their golden parachutes. How STUPID are we? Apparently — VERY.
Yes, just why does the proposed Paulson Bailout insist that the TGFKAI (Toxic Garbage Formerly Known as Investments) be bought by the government at excessively high, Fantasyland hold-to-maturity prices, rather than the actual market price? Just who gains from this? Not the taxpayer.
If we’re going to buy tulips from failed entities to in order to save their sorry asses, then they, not the taxpayer, can jolly well take a big financial hit in the process. Referring to the chart above as a guide, the government should buy the toxic glop at May 1, not Feb. 9 prices.
From Bloomberg. Americans oppose bailouts, Favor Obama to handle market crisis
Cheez, while I finally pulled down the MBA, the principle was buy low, sell…