New RTC
CNBC's Charlie Gasparino is reporting that Hank Paulson is proposing a new RTC-type entity as part of a solution to the credit crisis. I guess when the Wall Street Journal's editorial page and Barney Frank agree on something the idea must have legs. Sen. Chuck Schumer is also going to spout some scheme, too. Gasparino just said he has had no confirmation from Treasury. My guess, and CNBC just agreed, is that Republicans want to do something quick, and the Democrats will want to wait until after the election. The initial market reaction has been positive.