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Will Stock Market Tanking Hurt BG Attendance?

Posted By: Perry Gartner
Date: Thursday, 2 October 2008, at 11:48 a.m.

In Response To: Will Stock Market Tanking Hurt BG Attendance? (Barry Silliman)

Barry, thanks for bringing the Washington Post article to my attention.

I find it interesting that the author's have impeccable credentials but the plan, by their own admission, would be a big give-away The plan would bail out every mortgage holder, an idea that is not palatable to me. It would make the government an equity home owner where the payee couldn't or wouldn't comply with the new mortgage terms. I acknowedge we don't know how many negative equity mortgages are out there but conventional wisdom tells me it a big number, otherwise we wouldn't be in this bind. In my view the risk of loss would be much greater for the taxpayer than with the congressional plan. In fact the new amendment imposing a tax on Wall Street for any shortfall in recovering the 700 Billion sounds like a win-win for the taxpayer.

In the congressional plan I believe the ability of the government to hold onto these mortgages until the market improves. makes all the difference in the world. Hopefully, the agency designated to handle these mortgages would judiciously market individual mortgages when they pass muster.

See you in Baltimore.

Perry

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