TOXIC ASSETS, AGAIN.
TOXIC ASSETS, AGAIN. I think that what sets this financial crisis apart from other financial crises is the toxic assets. I posted here my thought that the crisis will not be put behind us until those assets are unwound. Gillian Tett of the Financial Times has deservedly been named the British Journalist of the Year. One of the good things she does is to listen to and report the views of knowledgeable people. In yesterday’s Financial Times she reported the following:
“You won’t have a recovery until you cleanse the system [of toxic assets], but nobody wants to discuss it,” mutters one senior global policy official.
“The Americans are hiding behind stimulus and the Europeans are hiding behind regulatory reform. But that misses the real issue.”