Joe Nocera thinks so.
Ms. Bair — who, thankfully, will remain the head of the F.D.I.C. in the new administration — has been thinking along the same lines. She, Mr. Bernanke and Treasury officials have begun talking about a new kind of bank, one that would be created and capitalized by the federal government, and whose sole purpose would be to buy up bad assets. Instead of ring-fencing bad assets one bank at a time, it would warehouse them in one place, much the same way the Resolution Trust Corporation did for real estate assets during the savings and loan crisis.
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