And the purpose of price discovery? Says Elana Schor and the Washington Independent
“We have no option now to selectively diminish the value of those claims without taking risks that you would have a default,” he told Sen. Chris Dodd (D-Conn.). Rep. Jo Ann Emerson (R-Mo.) was told that “you can’t selectively allow the institutions to default on particular types of creditors without risk that the whole thing comes unwound.”
Which Geithner claims somewhere along his drunkard's walk.
I should get back to transportation and leave this up to Mish.
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