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Planet MoneyThe legislation is pretty concise, but involves a HUGE, unprecedented transfer of power to the Treasury Secretary. His actions are then "non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency", only reporting to Congress twice a year
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It's not that the mortgages don't have value, it's those complicated mortgage security bundles that have an unknown value. Some of them are good and some of them aren't. The reason there's uncertainty is that they were all fraudulently marked as AAA super-safe investments, when they'd been lowering and lowering and lowering the standards but kept using the same computer models for their actual AAA loans. So the result is that they don't know which of those mortgages in the bundle were actually good investments because in many cases they don't know who owns them any more.
This is why I'm not surprised that they can't find their way out of a paper bag now -- they couldn't before, why change the habit of a lifetime? That's also why I think that any company taking Federal money has to behave as if they're filing for bankruptcy -- one of those steps is to get the chuckleheads out and have new management try to recoup all of their assets and then start settling debts.
~Sean
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Meep
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So when I hear that they want to bring the bill to Paulson for approval, what they're really saying is, "does this meet the approval of the guys you're trying to help out? Are they going to donate to my campaign next year?"
~Sean
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Hey Adolf, is it alright if we give you Poland? Oh, only if you get the Sudetenland? Sounds good adolf. Talk to ya later.
The wolves aren't watching the henhouse, they're distributing the chickens amongst their friends with full approval from the farmer.
Meep
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