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No not really the the Electric Boogaloos, I just couldn't resist adding it.
The ink may already be dry on FIRREA II, rumor is Geithner and Summers have been holed up in the Treasury offices for several weeks now crafting a new RTC, just like in 1989 when it was announced after the election and signed into law rather quickly.
From Minyanville.
The drumbeat over the Obama administration’s plans to fix the banking crisis has reached fever pitch. Over the past week, what appears to be a carefully choreographed series of leaks has raised expectations that the administration has something very big planned (my guess is that it would’ve been announced today, but for the delay in Timothy Geithner’s confirmation as Treasury Secretary). Various newspapers and blogs have speculated on the details, some of which would be truly dramatic. Examples include: An omnibus take-over of a raft of banks; a process that would include wiping out existing shareholders; converting debt to equity to avoid the new N-word (nationalization); the FDIC providing a backstop for deposits; and, to restore trust in bank balance sheets, the establishment of a new entity to buy, hold, and trade trillions of dollars in now-suspect bank assets.
http://www.minyanville.com/articles/.../index/a/20758
The ink may already be dry on FIRREA II, rumor is Geithner and Summers have been holed up in the Treasury offices for several weeks now crafting a new RTC, just like in 1989 when it was announced after the election and signed into law rather quickly.
From Minyanville.
The drumbeat over the Obama administration’s plans to fix the banking crisis has reached fever pitch. Over the past week, what appears to be a carefully choreographed series of leaks has raised expectations that the administration has something very big planned (my guess is that it would’ve been announced today, but for the delay in Timothy Geithner’s confirmation as Treasury Secretary). Various newspapers and blogs have speculated on the details, some of which would be truly dramatic. Examples include: An omnibus take-over of a raft of banks; a process that would include wiping out existing shareholders; converting debt to equity to avoid the new N-word (nationalization); the FDIC providing a backstop for deposits; and, to restore trust in bank balance sheets, the establishment of a new entity to buy, hold, and trade trillions of dollars in now-suspect bank assets.
http://www.minyanville.com/articles/.../index/a/20758
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