No bidders?

The talk of the federal "bailout" perplexes me.

Why do "we" need a federal bailout?

I don't get the illiquidity of the giant mortgage pools.

They're not illiquid at all.

The owners of the mortgage pools simply want more money for the pools than the market will pay.

My proof?

I'll offer $100 (CASH) for every $10 billion of "illiquid" bunch of mortgages the wizards of wall street can't sell.
Maybe Warren Buffet would outbid me, probably.

But my point is that there ARE bidders for these mortgages but the sellers (Wall Street crooks) want more money than anyone will pay. More money than they are currently worth.

And they think they can con us dopey taxpayers into paying our tax dollars to buy their crappy investments for far more than they are worth.

Much like homeowners who say "my house is worth $xxxx and I won't sell it for anything less".

The difference is that dufus homeowners can't get innocent taxpayers to bail them out.

Wall street crooks can....maybe......

Only if our elected politicians allow it.

And only if we voters let them do it to us again.