Pile On The Toxic Assets And Move On

GENERIC bankrupt bankruptcy - bills over money CBS/AP

Warren Buffett, in his annual letter to shareholders, said the economy is in shambles.

Buffett, the architect of Berkshire Hathaway has had but two bad years since he started cobbling together various companies to form what is essentially one of the most successful stocks ever.

Buffett, characteristically blamed himself for doing some dumb things, words you'll never hear uttered on Wall Street and proceeded to wax optimistic about America's economic future.

It's a sentiment a lot of people share, but no one really knows how bad things are going to get before they get better. The Dow Jones Industrial average dropped below 7,000 today.

American International Group wants another $30 billion to add to its bulging bailout. University of Maryland economist Peter Morici says its time to form that bad bank, pile in all the toxic assets and move on.

Agreed. What do have left to lose?
By Harry Smith
  • CBSNews

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