A quick definitional linguistic note: From now on, I am no longer calling the misnomered monolines by that incorrect name.
Henceforth, until such time as they are cleaved in twain, they shall be known as Duolines.
Monolines = Duolines
February 25, 2008 6:57am by Barry Ritholtz
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UBS on a Trillion Dollar Meltdown
There is an interesting article in the FT authored by Larry Summer in favor of a mortgage borrower bailout. see http://www.ft.com/cms/s/0/471e6794-e2e7-11dc-803f-0000779fd2ac.html
Magnus(see previous TBP post), also thinks that the government will bailout borrowers, but he points out that it will happen before congress recesses in october.
If U.S. taxpayers are going to pay the subprime mess bill, then why should the rating agencies loose the little credibility they still have by swallowing the Ambac rescue proposal stuffed in their throats?
Thank you!
Every time I read “monolines” I have a little twinge of “what don’t I understand, since the entire issue is that they have a second line of business?” Obviously the rational part of my mind rapidly suppresses this twinge, but it’s better to name things correctly from the start.
In Tanta-ese these probably would have been called the “insurers formerly known as monolines”.
Amen
Echoing thanks!
C’mon. Call ’em what they are. Moronlines.