Oh, this is rich.
Reuters just reported that “U.S. banks that have received government aid, including Citigroup Inc, Goldman Sachs, Morgan Stanley and JPMorgan Chase & Co, are considering buying toxic assets to be sold by rivals under the Treasury’s $1,000 billion plan to revive the financial system, the Financial Times said.”
So let me get this straight. The banks are in trouble for having toxic assets and a few of those banks want to get into the “business” of brokering, buying, selling, and marketing these toxic assets as a profit center?
I remember Will Rogers once ended a radio broadcast by lampooning the Roosevelt administration’s “plans” for getting out of the great depression. As he signed, he said, “Oh, I don’t know, I don’t know, I don’t know any more about this than an economist.”