Megan McArdle at the Atlantic's Business blog raises two objections.
1 If toxic assets aren't underpriced, we're all in "big, big, BIG trouble."
2 The market prices for toxic assets don't reflect reasonable expectations of cash flows.
My own take, I agree #1 is lament not a response or a attack against the statements.
#2 if I its worth a penny is that better then zero? In the end most of this stuff is worthless or near worthless. The semantics between the two make little difference
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