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now let's get the ten-day spending plan first prosecute access
%uh this is a planning is going on down monday needed and that is going to
supposedly custom core of the problem
i'm not sure if the core of the problem at all that's a different session first
let's discuss
%uh whether the plan makes any sense at all
%uh first thing they did was they changed the name
you know that %uh plans that issues when also in this article to me
%uh it's not toxic gas and work that sounds bad we don't want experience
federal prosecutors
is now legacy access
so that's that's what for pleasanton
you wanna buy some legacy assets
nobody wants my task asked of legacy answers
assess what
and profitable
all right so we got back cosmetic changes
now what's the heart
the heart of a is unfortunately very similar
to cake also supplant of the bush administration
which is somehow
take that crap within the banks and a load of the month on the american
taxpayer
now why would they do this
as i wonder over and over
%uh because they say no heat on the stand %uh credit is frozen
and moved the way to get unfrozen is to get these banks
financially healthy again
and it's not a problem because these toxic gases ansari legacy assets
are not so bad anyway
hinges undervalued right now insist their undervalued
%uh their that's freezing up
of the
consideration of the banks
and and that's why they're not letting out more money and it it would be just
get these banks healthy again everything will be fun
well i couldn't disagree more
%uh the pump isn't that the
banks are healthy enough prom is the banks with ran amok
%uh based on
%uh bad ideas that they have not been disabuse the
and that you've given their druthers they would go back and do the same exact
things
if you don't let your mind
so do i want peace banks to be healthy but that's not my goal might you keep
saying the ultimate goal is to make sure that
let me happens
but president obama said on the bottom program but a prelude have also sent new
plans
ticket
let me outside of the banks whether it's for small businesses
%uh et-cetera et-cetera so
why are we helping these banks below their worst
assets onto the american taxpayer
it does it make
any sense
now they have a new system for doing it so they say don't where we get the best
thing on our part
what we're doing is we're gonna %uh began to eat
it's unjust by we're just taking
and they try to sell among our own is the government or the newest window
option
and
%uh
we're going to let the market set the price money so i got me that sounds a
little article right
but the problem with that is the market is already set the price
at a price sucks
and so that's why the banks don't wanna
physical
today the banks wanted they could sell all their toxic assets
%uh but they don't want to get
dot you know pennies on the dollar
but that's what the market judges that they're worthless so how are they gonna
artificially inflate those prices
so the banks would be willing to sell the crap
what we had no is we're going to put up half the money the dat for deposit for
the private investors who might buy these
and then we're going to be sure all of the month
it's sounds complicated but in the end what lines of happening it's
the american taxpayer
that he's
ninety seven percent of that money
so they bring in a prime minister to buy
and he doesn't care no bid up a little bit because the america experienced in
the bill and ultimately
so let's say that you go
hundred dollars worth of assets to keep it simple
and right now the private market values it had about thirty dollars
and the bankers or sell a thirty dollars for the night of the seventy lyle lost
and go on
in this competitive bidding divided it up to sixty dollars radios wide because
of private investment banks all of that was put into books
and then the governments and take care of the rest basically
so if it goes under
costume but certainly would not
but if it turns out i buy the sixty s with eighty five
but i just made a killer
so the entire upside it's for the private investors the entire downside
while ninety seven percent of the downside
is for us the tax code
those that plan sally a good idea to you
well since this is all a very good an idea inside a very good idea for proven
and in many other kind of a salute that
accrued when it's a very towards words on it
or eventually try to protect these banks
have nothing to do with our ultimate objective
or did you try to protect these banks at everything do with protecting these
banks
geithner is still on wall street bubble i was hoping this plan would be
different
but it isn't
it's the same old plant
and it's meant not to protect you it's meant to protect the guys on wall street
and the guys who run these companies and he's pretty good companies
we don't need citigroup to survive we don't need bank of america
or a a_ g_ or any of these companies to survive will their assets effing gorda
bankruptcy due their *** magically disappear
and then thereby closet global
meltdown
know the access are still there
we sell them off don't look don't get me wrong i'm not being naive are their down
side so i'm saying absolutely world and will only take a pic if we do this
began absolutely
but what i think there is no matter what all would do a storm good money after
bad
the people who do get it
the say that's the real problem isn't even the toxic acess
the real problem is the best thing made on top of the toxic assets
in this case what it is is to be made bess
that that underlying asset is less is a hundred dollars right within a two
million dollars with the bats are
and one of the articles that i read the economist tells you one one of those
ties to sit down and john possum
and there's nothing wrong he's a smart guy he made the right that's
he didn't do anything wrong okay
and now he's incredibly wealthy fort
he made over a billion dollars a day on the women brothers bet alone
at onto what i was a more powerful right
he didn't take taxpayer money et cetera saying just evil made the right that's
on the suspect
but on the other hand why don't we all going to pay him off
they'd just gotten them best so as a special pointed out
this such as
that we should even t_v_ stars
the all we're doing is taking taxpayer money
to pay off
other hedge funds
that made the right things
and he has a good investment of taxpayer money
and that one is that this process is lovers nickel and on things
because it's only a as small percentage of the real problem which is the
director pets
and that the money we see him for a aji which they earlier had been
unaccountable and is now barely countable
and the money we had all these other countries if i'm going over to pay these
debts off
the reason they don't want to tell us
that the taxpayer will i know dead
we're basically paying their tank gambling debts
for these guys do you know how raised ink
that's why they want to keep it secret
and it's only barely trickling out
so keeping these companies alive so they can pay off the goldman sachs and other
companies that made
these bets
is insanity
isn't that a report right
nick %uh
the one part of out of my life
and it's a small maybe silver lining in the store dark cloud but
is that the police
is some sort of auction
so they needed the some valuation
for seventy which is explained earlier
is grossly inflated
the american taxpayers
jerry king ninety seven percent of
but so i like that part of it a little bit better than simply just taking all
the talk cigarettes
but overall it is not the right plan
and unfortunately
%uh the american people are being two cargo bomb