Roubini Likes Toxic Asset Plan

I always get good insight listening to Nouriel Roubini, but I almost never feel better after I hear what he says.

Now, there's finally an exception. Roubini recently spoke positively about the Obama administration's plan to unload toxic assets from bank balance sheets in using a public/private auction. The plan leaves taxpayers on the hook for some losses, but it gets private buyers involved and still gives us the opportunity to profit.

Hearing anything positive from Roubini is encouraging - let's hope it's a more regular occurrence. He was one of few who articulately described the carnage we're now experiencing ahead of time, and I will feel better if he starts calling signs of a turnaround.

Further reading:

• Dr. Doom Finds Promise in Obama’s Toxic-Asset Plan