Note what Cramer says when Pat Buchanan asks why the free market isn’t buying up these mortgages. The fact is there are some first-tier institutions doing it, but none of the second tier. This is why the government needs to step in.
Also note how the executive pay provision may actually hurt the bailout because companies won’t enter the plan and take a massive pay cut…as I’ve been warning.
Ultimately, I think this could turn out decently for the taxpayers if the government is smart about the buying and selling of these securities.