Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
The worst part of the  program is the external rating... it is really not worthy the paper is written over it.

The other tricky part is Migeru points about people leaving banks and buying the debt ... this is where the binladens come to the rescue.. the way to lure them is to clean the money.. government laundering.

The good part is that the government is not going to buy shitpiles.. it is basically normal groups of AAA rated mortgages in the US. it is true it will be bought at maturity.. basically conting that people will mostly pay...

If defaults do not reach 5% the government wil make a lot of money.

A final note,  I am still on the brilliant move side... but it can change if the model for small and medium companies funds is not clarified. What does thids fund exactly means?.. it is direct credit by banks which is dangerous? What does it exactly mean? Is the shitpile there? How is this going to be transformed to credit to companies?

A pleasure

I therefore claim to show, not how men think in myths, but how myths operate in men's minds without their being aware of the fact. Levi-Strauss, Claude

by kcurie on Wed Oct 8th, 2008 at 01:00:33 PM EST

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