TOXIC ASSET???

Recently, the Obama Administration's Secretary of the Treasury spoke of the urgent need to remove toxic assets from the ledgers of our most important banks. One reason to do this, stated Treasury Secretary Geithner, is to "encourage" them to lend money again. Why is it important to have them lend again? Because the Federal Reserve Act of 1913 removes the money creation process from the amateurs at the Department of the Treasury and the Bureau of the Mint and places it with the professional "money men" in the American private banking system.
The passage of the Federal Reserve Act of 1913 put the nation into the Era of the Moderns. Our money system would be scientifically managed. No longer would Americans be hostage to "boom-or-bust" cycles. About five depressions (1920, 1930, 1980, 1992, and 2008) and several recessions later, Americans wonder if there may be something wrong with the concept of "scientifically managed money." Maybe, a few wonder, it would be better to go back to the original concept in the U.S. Constitution of the federal government printing the nation's money free of interest burden, which interest burden the present system embraces. The needful money could easily be injected through a series of regional federal banks located in each state, from which necessary funds could be drawn to build and repair infrastructure, build and repair dams, build and repair alternate energy facilities, build and repair railroads, waterways and everything which is infrastructural, para-infrastructural, or useful and needful. The federal government could lead the way in paying a truly fair wage to its workers, based on the requirements to live decently for one day. This would not include ugly Republican concepts such as tomato ketchup soup. It is not inflationary to pay to build assets for the nation, such as bridges and dams. It is not inflationary to pay laborers a decent wage. It is not inflationary to invest in our elderly people's welfare by paying a decent social security payment. In the last case the payment should be based on what is needed to live decently, not on what the individual paid into the system.
On the other hand paying "gamblers" a trillion dollars to replace the roll of dough they just "blew" by a combination of greed and foolishness cannot be justified. Instead, give that trillion directly to the American people and then tell them to deposit thier money in the bank of their choice. Let the people choose who wins or loses, not pals of the banking speculators, such as Geithner.

How could an asset be toxic? Behold deceitful terminology at work in the Obama administration.
Will Barack Obama follow Abraham Lincoln or Paul Warburg and that crowd? Where do you think the bankers are placing their bets?