Toxic assets are getting more toxic by the day, reports Jon Najarian.I sought him, but I could not find him;
—Song of Solomon
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It appears the "new normal" carries H. Ross Perot's "giant sucking sound" to a new dimension, with yesterday's cash cows (private-label MBS) becoming today's fattened pigs...
Everyone in this piece agrees. Just because something is selling at a depressed price does not mean you are getting a value. There are trillions of dollars of these things out there. Yet the system no longer has power to paper over losses on these old securities with still larger issuance of yet newer, exotic securities.
Securitization market, meet Elvis. (They still talk about him, too, as though he were not dead...)
—Tom Chechatka
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