Disagree - UST is about to make one of the best trades in the History of Finance :
1. Come of with a secret plan to Nationalize 2. Create a crisis and help out your friends while Bear Stearns and Wachovia and the rest are run out of business or nationalized 3. Use the Crisis to hoodwink Congress to come up with all powerful legislation to effect the secret nationalization plans 4. Get 80 pct of the GSEs and a SPS that you later that you modify to allow you to garner $ 200bn to $ 300 bn of preferential equity 5. Say that you want to work with Congress to exit after you have completely worked them over for 15 years 6. Make over $ 300 bn of interest and gains based off above market interest rates and preferential equity via a cramdown.
Who are the stupid ones - the investing public that is who.
i have been saying this forever, Yellen and Sandra are both incompetent.
Well yeah, water is wet. Which is why nothing will happen until a new administration, if then. I don't know who the hell this Bernstein guy is and I don't give a damn because it's Yellen and Thompson running the show. I wouldn't bet on the potato brain in the White House.