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U.S. markets recover from steep losses
WASHINGTON, Sept. 19 (UPI) -- Taking bad bets off the books of U.S. financial concerns would restore liquidity to markets, three former high-ranking U.S. officials said.
In an opinion article published in The Wall Street Journal, Former Comptroller of the Currency Eugene Ludwig, former Federal Reserve Chairman Paul A. Volcker and former Treasury Secretary Nicholas F. Brady said a comprehensive bailout would take securities "effectively not trading" off the records of companies.
The stagnant securities are choking financial systems and haunting companies with the threat of lowering their credit ratings, the Los Angeles Times reported Friday.
The three former officials also said the government could hold the bad securities for longer than banks or the Federal Reserve, effectively allowing it time to wait for a better selling price to emerge.
"There's so much bad paper out there that it's clogging the system. Somebody has to step in and take it off," said U.S. Rep. Barney Frank, (D-Mass., chairman of the House of Representatives Financial Services Committee.
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