1967 Shelby GT 500, 4 speed, SURVIVOR! One of ONE!

[firstgenaddict]

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Will this result in an increased interest in collectable muscle cars?

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Could... although it seems like quite a few overseas markets are feeling the problems of all the CDO's and SIV's our equity markets unloaded as well. When Warren Buffett declines to step in because according to the oracle himself he does not understand how to figure out what he would be buying you know there is a problem. The complexity of the CDO's and the bundled loans which have been split apart repackaged and resold OVER OVER OVER OVER is going to take years to figure out... some of the prospectus' were of enormous length... were they scrutinized with other than a glance?

I talked to a guy last night who said his mortgage seems like it changes hands every month... Since when did churn ever make money for anyone other than the traders?
I have said for the last year that there are going to be ASTRONOMICAL amounts of money made out of this, the financial intitutions are gun shy with loans, (even overnight loans to other banks), until the mortgage backed securities can be accurately valued the credit markets have been on hold.

The problem really is not the realestate it is valuing the loans on the realestate vs the property value. No one until this point had been willing to take a position and say I will buy at $X. So the banks and investment houses were just writing the debt down sometimes to $0... when the debt is backed by a tangible asset(realestate) which has value it seems dropping value on the books to $0 is just as an irrational decision as blindly buying them. Herd mentality will kill almost any company leveraged as much as some of these companies...
So the government became a Market Maker in the unmarketable CDO market which should enable banks to loan to one another without balance sheet worries.
If the government doesn't hold all the paper they just bough and instead sell it to private equity groups etc then WE the TAXPAYER are goign to get SCREWED... however if they hold the mortgages and let the market absorb the supply at a steady rate with the banks no longer having to worry about valuing the assets the taxpayers should break even and could make money on the deal.

Awesome SHELBY!
Sorry bout the tangent...