Monday, March 23, 2009

Toxic assets clearinghouse

This is great, the federal government is going to offload all those toxic assets we keep reading about. I'm figuring, since they are worth so little, the feds will offer little people like you and me top dollar to take them off their hands, kind of like volunteering for medical experiments or donating blood or allowing nuclear wastes in our neighborhood. This has got to be a great way to make some extra money for those of us who have been hit hard by the financial crisis, and...

Sorry, what's that you say? Oh. Never mind!


Richard said...

So the new move is to auction off those useless 'assets' at 9500% leverage?

Wonderful idea - just who are those 'private investor partners' supposed to be?

If America could get rid of the ideas that 'Capitalism is Wonderful' and 'Socialism is Awful'

- then the government could just take those 'too big to fail' financial institutions over, break them up into small, manageable bits, sell them at a profit, and get them back into the business they were supposed to be in - take deposits and loan out that money.

Timothy G should be sacked before he and Bernanke give any more money to Goldman Sacks (sorry - Sachs)

- and the US government should just CANCEL all those 'toxic' CDSs, CDOs, credit swaps, and all the other phoney financial bets that sit out there in the twilight, poisoning the world's economies.

Richard said...

A good artcile on this is by Matt Taibbi at;

Have a stiff drink to hand while you're reading it.

Michael Balter said...

Thanks for the link, Richard, another friend had turned me on to that article but had not read it yet. Will have that drink: Mine is Calvados.