It's Conference Call Day At The Treasury! (Live-Blog)

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3:25-3:38: In its second conference call of the day, the Treasury has mastered the concept of hold music, and is killing us with the soft jazz. We prefer the coughing, wheezing, nose blower.
3:44: Just hangin'
3:45: Tina Chin, Director of White House office of public liason in the hizzous, joined by Mary Goodman, Sam Hanson, and Jeremy Stein. No T. Geith :(
Got a q? Shoot a line to: public@who.eop.gov.
Mary takes the mic.
3:47: We're faced by "4 challenges," which is a 100% increase in challenges since this morning.
Apparently "TALF" is "one of our catchy little phrases here at Treasury."
The challenges are: fall in housing prices, credit flow, bank capital strength or lack thereof, legacy assets.
3:52: Jeremy takes the mic.
So, with regard to these legacy assets, Jer asks the audience, "why do we care about these things?"
This is a very complicated case, Maude. You know, a lotta ins, a lotta outs, a lotta what-have-yous. And, uh, lotta strands to keep in my head, man. Lotta strands in old Duder's head.
Re: Assigning asset prices, Jeremy actually says this: "We think we are pretty clever here at the Treasury department, but we aren't that clever."

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