Wednesday, February 11, 2009
Bray of Pigs
As the Nancy Capitalists blather on about how they need clarity so that they can have confidence- translation: gimme a freebie or give me death- here's hoping that Barry and the boys hang tough.
To paraphrase Citizen Harrison of Minyanville : to get through this we have to go through this and the only solution to our troubles is time and price.
Mr Dunham has suggested he understands the first concept ... let's hope he doesn't get wobbly on the second and continues to ignore the bray of pigs.
Undoubtedly it is tempting to repeal mark-to market but in this humble blogger's opinion doing so would greatly lengthen our 'under-construction' demand recovery project.
We need to bring private investors in, and that is not going to happen until the banksters are willing to take the nickel for the nickel.
Do you suppose that the vultures and the pirates will pay more just because the squints pull a rabbit out of the 'fair value' hat? Of course not.
As long as Barry stays true to protecting the taxpayer, the only way to transform the 'hard to sell' assets into 'priced to sell' assets is to sweat the banksters out.
They'll take the nickel, when it is an offer they can't refuse.