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Chandler: Is Toxic Asset Plan Treasury's Churchill Moment?

Winston Churchill once quipped that "The Americans will always do the right thing after they have exhausted all the alternatives." To be sure all the other other alternatives to the Treasury's toxic assets plan have not been exhausted, though many were.

Although the Treasury's plan appeared to find immediate support among a couple of large private asset managers, many pundits remain skeptical. Many still can't get their heads around how the toxic assets will be priced.

Meanwhile, there is a sense of relief that the private asset managers who participate in the plan will not face the compensation limits of other Fed programs.

In a 60-Minutes appearance Sunday, Obama seemed to be cool toward the legislation that the House of Representatives approved late last week that sought to levy a 90 percent tax on bonuses from banks getting more than $5 billion in government bailout money.

Obama clearly recognized that the focus on punishing the banks could be counter-productive in the more urgent goal of addressing the financial and economic crisis.

Key support for the euro now is seen near Friday's low near $1.3518. The lows since the FOMC decision to dramatically increase the Fed's balance sheet through the increase of reserves (the printing of money) has been about a cent lower.

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Marc Chandler is the global head of currency strategy for Brown Brothers Harriman. He has been analyzing, writing and talking about the foreign exchange market for more than 20 years. He is a regular guest on CNBC and his essays have been published in numerous economic and business publications. He previously served as the chief currency strategist for HSBC Bank USA and Mellon Bank.