Santelli is cool but

he keeps saying this "In RTC we had bad institutions with good assets" " and in this we have good institutions with bad assets"

There is certainly some shit out there... but I have some belief in humanity that Paulson isn't going to roll out and buy the shittyest crap from MS and GS exclusively...

I think they are going to buy, the best stuff that has been beaten unfairly. First, try and get some adjustment to the Market value, and see if they can create a market for it.

WFT they would buy CDS' is ridiculous... and I don't think they will.

I remember for a long period after the RTC.. seeing a ton of commercial property sitting around, unused and just sitting there.. It took years for that to work through... Houses are a different thing... the property not so much but it's hard to say that a home will sit unocupied... even renting at cost..... it's better than the property sitting there.

Other than that, I'd argue that ... FUCK MS and GS... and LEH and BS and ... and ... and...

hard to argue that those were "good institutions"

what we may see is a huge glut of rental properties... 'THAT' I hadn't thought of.