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Never has something meant to hold something so bad...done something so good.
Stocks soaring on reports...and for now "just" reports...that Uncle Sam is done booopin' around.
If you can describe spending upwards of nearly a trillion dollars in various rescues, backups, bailouts, etc..."booping" around.
Now it's biting the proverbial bullet, my friends.
Because here's the deal:
A blast from the past, really.
Just call it "Resolution Trust Company II"
Or "Beneath the Planet of Resolution Trust Company."
Or "Escape from Resolution Trust Company."
You get the idea ...a brand new face on a nearly two-decade old bureaucratic charm.
A repository...if you will...for all the bad mortgage stuff in one swell institution.
Just like the institution used to shore up all those sick savings and loans all those years ago.
Needless to say, it would be enormously expensive...
And the for the president, an enormous gamble.
And the devil still very much in the details...Including reports New York's Senator Charles Schumer wants to make helping tons of distressed mortgage holders essentially re-do their deals.
That might not go down well with those dutifully paying their mortgages.
Just annoying details for now.
For now, a big relief for Wall Street....convinced there is light at the end of this credit tunnel.
And nothing like a huge, behemoth institution to provide it.
I guess it's only natural that after nibbling billions on the side, we go on the hook for tens, maybe hundreds of billions more.
Money well spent, they say.
Today, they say that.
We'll see about tomorrow.
Congress to Determine Future of Fannie, Freddie
Banks Scramble to Realign
