Federal Reserve Accepting Boat Loans As Collateral at Discount Window

Remember, the problem is contained. Next they'll also accept loans backed by plasma TV's, mattresses and Yu-Gi-Oh cards.

Lacker told risk managers yesterday that the Fed's district banks would even accept boat loans as collateral. It's up to the banks to establish a value for the assets as they make the loan, he said.

The same banks that are essentially insolvent due to inept risk management and greed now are being told to "establish a value" for their junk. Sounds like a bailout of the big banks, but hey, what's more American than that?

...via Peace.