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Video Transcription - Page 3
"Everts Sees U.S. Toxic Asset Plan as 'Down Payment’"
Host: That’s a world of difference then. The interstates are still clogged, you still get one person per car.
Todd G. Everts: But the negativity of the average US consumer is to me an all-time high. Back in the dot com days when you go to a barber shop in the US and they have Bloomberg or CNBC on in the corner you knew you’re at a high because that isn’t the average person that should be in the market and watching it day to day.
Host: Because they should be watching Oprah, right?
Todd G. Everts: Now when you talk to people in the US the economy is on their mind in a negative way that we haven’t seen in decades.
Host: Want to take a couple of questions? We have some writers here, here’s one from Nevada. The love-hate relationship Wall Street has with Geithner and Bernanke seems like a spoiled kid. Want to bet that that trillion dollars is only a down payment , you’ve addressed this issue. The next question is have the banks revealed the total amount of the real toxic stuff or is Geithner just guessing?
Todd G. Everts: I think he’s just guessing and when the private equity and the hedge funds get in there and have a chance to look at it there’ll be a complete disparity among…from where the US government thinks the value is, the bank that’s trying to unload that thinks the value is and what the private equity of the hedge fund is willing to pay for it, which doesn’t solve the problem.
Host: How does this mechanism work if the owner as whom establish what is fair value here?
Todd G. Everts: They’re going to start off with the fair value and one of my points is, what got us where we are is making bad loans and leveraging those bad loans many times and as your piece on the way in said the treasury is going to provide up to 5-6 times of leverage to purchase these assets which is compounding the problem. The problem is the manufacturing in the US and the whole mindset of the US economy is actually working.
Host: Basically your trying to treat the heroin addict with more heroin or too may high doses of methadone in this case.
Todd G. Everts: Too many high doses.
Host: And it’s all going to come to tears?
Todd G. Everts: This is going to take time which is why I think the markets going to have volatility; we’ll have a sideways market and the opportunity right now if it’s structured properly is debt starts to look like equity.
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