It Just Keeps Getting Better…

Read this article:

http://www.bloomberg.com/apps/news?pid=20601103&sid=aVVOrzOIBedo&refer=news

Seriously, we’re doomed.

Let me get this straight, Paulson is looking to hire money managers (or whatever they are called) Legg Mason, Blackrock, and others to consult to help value and determine which illiquid and toxic assets the government should buy.

So we are going to have the exact same people that made billions of dollars over the past few years pumping up this bubble VALUE the bad assets on Wall Street banks’ books?  They need independent auditors.  Not Wall Street buddies!

HOW IS THIS GOING TO SET THE TRUE VALUE OF THESE SECURITIES???

All this is going to do is lead the government to paying too much for these TOXIC and ILLIQUID assets.  This will then let other firms to mark their assets worth too much.  The true market value will never be found.  The bubble is going to continue.

They need to let the market set the value for these assets.  STOP PROPPING THEM UP!  The debt needs to be liquidated!  Not bought for above market value prices!  Get out of the way FEDS!  Let the market work!

A recession is ALREADY happening!  They talk about all the “pain on Main Street,” but we are already feeling the pain.  It’s tough, and it’ll get worse, but at least then it will get better.  If they keep propping this bubble up, it won’t get better, and the pain will be limitless.

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