Yesterday the market closed at a surprisingly high level at this point in the game.
Still we've grown blase' watching the giant shed trillions in assets or is it shell shocked. Life goes on richer or more likely poorer.
Geithner is saying that along with improved confidence in the financial system, banks may be less interested in shedding "toxic assets."
Hang on a second, hold the phone. If I am reading this correctly doesn't that mean that the foreclosure rate will continue to escalate. Toxic assets are mostly bad mortgages. Are banks thinking, let's just turn the screws a little bit more and see where this will take us. With one in eight mortgages in trouble, a percentage that includes fixed rate mortgages, that's a lot of assets in properties. Who will ultimately own those properties? How will their foreclosures affect the stable mortgages of next door neighbors. This is a little fishy.
Reuters: Stock index futures point to lower open
Improving confidence may lessen U.S. banks' interest in programs designed by the government to reduce toxic assets on their balance sheets...
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