The definition of toxic
In my house, we refer to them as bills. You know, those pesky notices you get each month from your mortgage company, utility, phone service and cable TV outlet.
They expect you to pay them every month. When you don’t they have a tendency to stop offering you their services.
The nation’s banking industry has about a $1 trillion in so-called “toxic assets” hanging around their necks like an albatross. They are bad mortgages, many of them given to people with little shot of ever repaying the money.
That anchor played a big part in sinking the economy. Now the feds have a plan to rid the banking industry of much of their bad debt.
Don’t hold your breath waiting for them to do the same for you. Not that your bills are any less toxic to your monthly budget. But if you go under, the economy will survive. Many experts fear the same can not be said if these items are not cleared from the banks’ books.
Hey, what do I know? Obviously Wall Street liked the idea. The markets had their best day in years yesterday, jumping 497 points.
Look at it this way. Maybe it means you’ll recover some of the money that has evaporated from your 401K in recent months.
That’s been pretty toxic as well.