Thursday, February 12, 2009
A Practical Solution
For the past couple of days, I've been mulling a solution to the credit blockage. The problem has been valuation. The only practical solution would be to bypass that problem for the moment and let time and markets take their course, with the upside socialized and the downside privatized. I finally came up with what seemed a perfect solution, only to read in today's Huff Post that Jeffrey Sachs had reached almost the identical conclusion. While I suppose there's little consolation in second place, the Sachs plan is still the only one I've read that makes sense.