U.S. Treasury Secretary Tim Geithner's plan to get so-called toxic assets off of the nation's bank balance sheets relies on private investment firms, including pension and hedge funds investors, to buy up the bad assets. In return for the investment, the government would help minimize their risk. Despite this assurance from the government, who is willing to buy the assets and how exactly will this work? New Jersey Governor Jon Corzine has a great deal of experience in both the private and public investment markets and he joins The Takeaway now to explain why these bad debts might be a good investment.

States across the country are in financial distress. More than half of them are facing shortfalls in their budgets for this year and next. And with times so lean there's not much fat left for governors to cut. While some governors are choosing to implement deep cuts in long-standing government programs, others are opting to enter a strange new world of taxable items (iTunes downloads anyone?). For a look at the budgetary challenges that many states face in 2009, The Takeaway checks in with New Jersey's Governor Jon Corzine and Governor Jim Doyle of Wisconsin. Last week they testified before Congress, pleading for Federal help. This week they are here on The Takeaway.

What would you tax to balance the books? »