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GSE Rescue Countdown Survey
Friday, July 11, 2008
By popular demand... to appear in the right side bar after it scrolls down a bit.
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12 comments:
Rick Santelli just called the GSEs "the posterchild for Too Big To Fail"
Can't be saved without cratering the currency. So, guess what?
So investment banks and now GSE's have access to discount window. I guess next this year will be hedge funds and then GM. Eh why not some homebuilders too.
I wrote in Sunday the 13th. The biggest scams are Sunday specials.
Forget ordinary access to the discount window. I want a non-recourse loan like JPMorgan received (there was nothing more disgusting than sitting on a finance call at JPMorgan and hearing the phrase "no risk" to describe the loan).
"These institutions are fundamentally sound and strong," Dodd said at a news conference. "There is no reason for the kind of (stock market) reaction we're getting."
God, I thought I was being too pessimistic when I voted for Monday. They didn't hold out for two hours. Hang on, kids, the roller coaster is just getting up to speed.
Do access to the discount window and other backdoor bailouts count? I would vote for after the election for overt nationalization, whereas immediate for an under-the-table clandestine taxpayer indirectly funded bailout (eg: the Fed's discount window and term "borrowing" to offload bad debts). I guess it depends on whether you're using the government's definition of bailout, or a rational person's.
My apologies for whatever ambiguity is involved here.
I had difficulty even defining the question, finally arriving at the word "rescue" meaning any sort of government aid, but I didn't really handle the Sunday night possibilities very well.
Weekends were excluded from the selections so, anything happening on Sunday (like Bear Stearns) would count as Monday. That was my guess.
I have a couple questions maybe you could answer.
1. How much money does FDIC have and where does it come from?
2. If your bank fails is there some kind of guide for what to do and what to expect?
See Wikipedia
FDIC may offer some real insurance against isolated bank failures but a system-wide bank run is not an insurable event. In this case, expect delayed payment in devalued currency. So goes the argument for gold ...
"I wrote in Sunday the 13th. The biggest scams are Sunday specials."
Oh My Word! I was right. Check the news.
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