It isn't working. Imagine my total lack of surprise.

A U.S. government plan to rid banks of bad
loans is stalling and may soon be put on hold,
the Wall Street Journal reported on Wednesday,
citing people familiar with the matter.

The Legacy Loans Program, which is being
crafted by the Federal Deposit Insurance Corp,
is part of the $1 trillion Public Private
Investment Program the government announced in
March to encourage banks to sell securities and
loans weighing on their balance sheets to
willing investors.

Prospective buyers and sellers have expressed
reluctance to the FDIC about participating for
fear the program's rules will change in a
political atmosphere hostile to Wall Street,
the Journal reported. It also said that some
banks that might have sold troubled loans into
the program earlier in the year have become
less eager as they regained a sense of
stability.

FDIC spokesmen were not immediately available
for comment.

I'll be they weren't. And I just can't believe how anyone could
pass up such a sweat deal.

C

And if you cannot work with love but only with distaste,
it is better that you should leave your work and sit at the
gate of the temple and take alms of those who work with joy.
Kahlil Gibran

Matthew B. Crawford makes a good case for working with your
hands. A fairly long read but worth while.

I used to earn my living that way. Now currently employed as a
computer security programmer and DNS administrator. No where
near as satisfying as my previous occupation of electronics
servicing. Staring at a display eight hours a day. Not much
to show for it.

I really enjoyed repairing electronic equipment, audio, video etc.
but the profession does not really exist anymore. At least the
one I knew. Oh they call it the same thing when it's done at all
but now it just consists of following a flowchart to replace a
circuit board.  If the board is no longer available the unit is
marked as "Not Repairable" and that is that.

So now I build and repair my own equipment and repair things
for friends and family that I can. But to be fair today's gadgets
are really not very repairable. The parts are far too small and get
obsolete far to quickly.

I have a lot of respect for those who still work with their hands.
The mechanics, plumbers and carpenters. Skills I have yet to
master myself.

Far, far to many intellectuals look down the noses at them.
Though I'll wager few if any could master the skills needed
to work in the trades.

C