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IPFS News Link • Economy - Economics USA

ARE YOU KIDDING? Toxic Waste Becomes Triple-A Again…

08-27-2009 • Nathan's Economic Edge

Are you tempted? The Temptations – Get Ready: Remember me? Wall Street repackages toxic debt. Wall Street may have discovered a way out from under the bad debt and risky mortgages that have clogged the financial markets. The would-be solution probably sounds familiar: It's a lot like what got banks in trouble in the first place. In recent months investment banks have been repackaging old mortgage securities and offering to sell them as new products, a plan that's nearly identical to the complicated investment packages at the heart of the market's collapse. "There is a little bit of deja vu in this," said Arizona State University economics professor Herbert Kaufman.

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