Word: mortgagee
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How, exactly, is this bailout supposed to 'save' credit markets? Not entirely clear. Paulson and Bernanke described it as a way to jumpstart trading in mortgage securities for which there's no market at the moment, thus allowing banks to clean up their balance sheets and get back to lending...
Where will the $700+ billion go? What exactly will it buy and from whom? That's the, uh, $700 billion question. Mortgage-backed securities were to be the main target, and banks the main sellers. But Hank Paulson and Ben Bernanke wanted a fund that could buy pretty much anything...
In an age of billion dollar losses and complex financial assets, Santander's fortunes speak to the advantages of a simpler approach. Spain's largest bank "lends to their clients, takes deposits from their clients, and runs a network of branches," says Antonio Ramirez, analyst at investment bank Keefe, Bruyette...
And though that domestic market looks wobbly - growth in Spain is set to tumble this year, with the country's red-hot real estate market, buoyed by a decade-long boom, now chilling - analysts expect Santander to emerge in decent health. Though defaults as a portion of its total loans...
Now, the secret is exposed. The American economy is facing a crisis unprecedented in modern times only by the Great Depression. Secretary Paulson is demanding our trust along with a $700 billion check—we should give him neither. It is illogical and rash to grant Paulson $700 billion...