Re "Bank plan lifts the market," March 24
Scott Talbott, chief lobbyist of the trade group Financial Services Roundtable, is quoted as saying that the assets are toxic not "because they have no value; they're simply toxic because they have no market, and because there is no market we don't know what the price is."
Does that mean the government will be willing to purchase my collection of collectible Elvis plates?
So Treasury Secretary Timothy F. Geithner "detailed the administration's innovative but untested plan for the government to invest alongside private firms to buy as much as $1 trillion of the troubled assets clogging the balance sheets of financial institutions."
Can't you just see Bill Gates, Rupert Murdoch and Warren Buffett jostling each other to be first in line to buy billions in worthless, toxic assets? Isn't funding bad loans what got us into this mess in the first place?