The US government isn't buying mortgages in this bail out plan. They are buying toxic waste securities based on mortgages. The worst ones are highly geared, high risk securities. There are more than enough to swallow $700B and on top of that, there are $500B already sitting on the Fed's balance sheet due to their alphabet soup games over the past year.
Good luck to anyone trying to trade this as a bottom if it passes. You are in for a rude surprise.
The US government isn't buying mortgages in this bail out plan....
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