The Fed continues to broaden the criteria for what it will accept in return for loans.
They are beginning to sound like the local pawn shop owner or Vegas loan shark, but somehow I doubt either one of these entrepreneurs would accept seemingly toxic paper in the form of mortgage-backed securities.
One wonders when sport memorabilia will be allowed, after all, there are mechanisms for measuring scarcity and demand for specific cards (e.g., trade shows, Beckett). Maybe AIG should ask its board members to dig through their old shoe boxes and donate their not-so-mint-condition Mickey Mantle’s and Ted Williams’.
What about rare stamps or even those spoons your mom buys when you travel during vacation? This is probably the real reason for why Dick Fuld couldn’t find any suitors, he sold his cards prematurely.
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So maybe I’ll go dig up my dozen or so 1981 Harold Baines Topps Rookie cards. After all, the man should be in the Hall of Fame.
There are actually online guides now which provide up-to-date info on the value of rare sports cards and memorabilia by tracking auction sales, etc.
Considering the performance of rare, high grade sports cards in recent years, banks really should consider them quite viable.
Glad I saved my old Bird/Magic rookies
I jokingly said on another blog that the system is so leveraged that your kid’s piggy bank will soon become ‘too big to fail’
O.J. would also like to see memorabilia to be used as collateral.
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