Monday, March 23, 2009

And The Answer Is... PPIF???

Futures are up this morning and market watchers are assuming this is a vote of confidence for the latest plan out of the administration- Geithner's PPIF, otherwise known as PIFFLE.

Stephen A. Myrow says it won't work. I know this, if they suspend mark-to-market accounting rules many of the so-called toxic assets will be items that the holders won't want to part with-- and then PIFFLE will be in conflict with the market for those assets.