Mish’s Global Disses Obama SOTU Speech — Mish’s Global Economic Trend Analysis says that regarding the economic plan presented in President Obama’s State of the Union speech: The proposal as outlined rates to take every “responsible” underwater mortgage held by banks, Fannie Mae, Freddie Mac, hedge funds, foreign banks, and pension plans, and transfer all of them to the FHA. The idea this will only cost $10 billion is absurd.
Mish says the plan is a massive backdoor bailout of banks, mortgage companies, hedge funds, foreign banks, and anyone else holding mortgage related garbage.
Sums it up nicely. And did you read this in the Inquirer?
Hat tip Tom C.