The US is sinking ... sinking ... sinking, page-20

Hi timber

Quality of the assets?

We have batted this particular ball before ... remember?

The assets on the Fed's books are all of the non-performing, underwater, distressed assets from banks which were in trouble. Never mind the quality, feel the width!

The Fed is not an island unto itself ..... it has taken on the risk of others but that doesn't mean the problems are solved. Unless you are going to contend that 'printing money' is a solution.

But we do tend to go around and around on this issue.