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    warrantless omniscience..., 2009-03-20 16:06:19 | Main | due diligence..., 2009-03-22 09:57:03

    the zombie banking apocalypse is nigh:

    The Obama administration is going to shift a trillion dollars in junk bonds from the banks' books to ours with non-recourse loans provided by the FDIC to leverage up some hedge funds 33 to 1. That ought to add many hundreds of billions more to the national debt after everybody has walked away from the loans and the mortgages backing them. It's also a massive incentive for more of the same disastrous banking practices.

    Since when could the FDIC originate loans, let alone non-recourse debt?

    What in the world is the FDIC going to do with all those homes?


:: posted by buermann @ 2009-03-21 10:04:30 CST | link





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