Quote:
Originally Posted by widebody911
Like I said before: it's a turd sandwich. If there was easy money to be made (as some proponents claim), the banks wouldn't be begging the government to take a bite.
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Precisely.
Buffett hasn't visited any of the abandoned sub-prime properties that are
worthless.
There are unbelievable numbers of properties wrapped up in the investment banks' CDOs that would cost more to repair than they can be sold for when repaired. There are many properties that will cost more to demolish than the resulting vacant lot will be worth.
People are being
delusional, completely ignoring the realities about many of the properties the government is considering buying, if they think that there is money to be made with these mortgage securities.
Even with those properties where there
is money to be made, I can guarantee you that if government incompetence doesn't prevent the government from making money on them,
corruption will assure that the money will be made by the "politically connected" private sector, not by the government for the benefit of the taxpayer.