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Take Two on Geithner’s Toxic Mortgage Plan
My goodness, why didn’t we think of this sooner? The reason we haven’t been able to get credit flowing and turn this economy around is because nobody wants to buy “toxic” assets. Maybe if we call them “legacy” assets instead, people will jump at the opportunity. Yeah, that’s it. Just like Homeland Security Secretary Janet Napolitano referring to “man-caused disasters” instead of “terrorism” will suddenly make the danger of fundamentalist Islam disappear, or referring to “undocumented workers” instead of “illegal immigrants” will suddenly return the billions of dollars we all spend to clothe, feed, educate, incarcerate and shelter people who are breaking the law simply by setting foot on American soil.
Let’s just re-name the problem, and it will go away. Gosh, this whole practice reminds me of something, but I just . . . can’t . . . put my finger on it. Oh, maybe this is it: