In the world according to Bill Gross.
The premise is that the bailout is good for everyone – that may be true, otherwise you may wind up paying ten bucks for a gallon of gas. But the idea that the Treasury is going to buy assets at 65 cents on the dollar (that private parties are bidding 15 cents for), and squeeze a profit out of it, is disingenuous at best.
At worst, perusal of the comments on the WaPo op-ed would make you think the recent Pew poll that suggested 57% of the public favored a bailout is in need of a serious resampling.
MORE: A key point of the profit analysis is the “hold-to-maturity” price (Bill Gross’s “lengthy ownership of the assets”), while Warren Buffett says the Treasury should pay market price if they expect to stay in the green. The banks won’t be liking that.