The announcement by Merrill Lynch that it is taking a $8 billion write-down of mortgage assets is a "positive sign," said Edward Lazear, the White House chief economist on Wednesday. "I actually view the announcement by companies like Merrill Lynch as positive signs because you want this stuff to be recognized," Lazear said in an interview on CNBC. Lazear said the announcement might speed the return of normalcy to credit markets.
Well, it "might" do anything. It might make the administration do a turnaround in the Iraq war too but I wouldn't hold my breath.
Just let's write out that loss again just in case we were unclear on the concept:
Losses for everyone, says I!
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