Talk about perfect timing. New York-based SecondMarket has created a virtual marketplace for illiquid assets. Things like, say, those trillions of dollars worth of real estate loans that everyone on the planet is wondering what to do with.
In the U.S., either the banks are going to have to figure out what to do with their debt or the government is going to set up a Resolution Trust Corporation-style sort of solution. Either way, SecondMarket looks like a very, very good idea.