Debt Repository. Can somebody please explain it? I know I ain't the only one.

readmoreoften

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Thu Sep-18-08 03:02 PM
Original message

Debt Repository. Can somebody please explain it? I know I ain't the only one.

Debt Repository. Markets from down to up 400+ in an hour. This must be some exotic bullshit.

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ben_meyers

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Thu Sep-18-08 03:04 PM
Response to Original message

1. Read "Resolution Trust Corp."

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readmoreoften

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Thu Sep-18-08 03:20 PM
Response to Reply #1

3. Is it a book? I just read the entry on wikipedia and was over my head 50% of the way in.

It seems to be something that cannibalizes insolvent corporations. But what is the risk to taxpayers? What has it accomplished (or ruined) in the past? And how long can it prop up the economy?

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Fresh_Start

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Thu Sep-18-08 03:04 PM
Response to Original message

2. when the S&L disaster was going on.

they set up the RTC to assume control over the assets of the failed S&Ls until buyers could be found

I seem to recall, that buying failed S&Ls was one way major banks got around interstate banking prohibitions

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readmoreoften

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Thu Sep-18-08 03:22 PM
Response to Reply #2

4. Thanks. That is a clue. As we all know: it is good for the economy when banks break regulations.

Regulations are for cowards. :sarcasm:

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FirstLight

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Thu Sep-18-08 03:22 PM
Response to Original message

5. Still confused...sounds like they just make this shit up!

You know, I it really scary, sad, hilarious...that most of this is about money that was never there in the first place. If that's the case, let's just wipe the slate completely clean, give every person a clean start, and we can go from there...?

I have an idea about this forming, I may have to just start my own OP :)

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sinkingfeeling

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Thu Sep-18-08 03:24 PM
Response to Original message

6. And how much did the RTC cost the taxpayers you ask? About $500 billion. This would be

much more.

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hogwyld

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Thu Sep-18-08 03:26 PM
Response to Original message

7. This is what a repository is for

They're going to put all of the debts on hold so that later, they'll be a surprise gift to future generations...

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