I'm one of a handful of people who posts reality and those who are involved in the financial industry (there are a few who hang out here and elsewhere) hate it. The more people that come to the factual realization that, yes, we really are headed for a true plunge, and that the government is out of tools, the sooner the ability of the majority of those in the financial industry to reap a decent living ends. Too bad; looks like they'll have to innovate like much of the rest of honest, hard working (and getting screwed over in the process) Americans have been struggling to do to survive. RMBSs are no where towards bottoming out, as amazing as that seems with all the price destruction of the underlying assets, partly due to demographics and partly due to serious, continuing deterioration of the fundamental economy. The CMBS nightmare has only just begun, and will be a significant additional stressor taxing financials, governments and things as far flung as foreign money markets. No more free lunch. The curtain on government impotency (and fraud) is lifting. The overwhelming majority of banks near urban centers (i.e. most banks, period) are in deep shit. They can cook their books, even with government assistance and encouragement, but they can't make tin worth gold, no matter how much cooking of those books they do. The ugly, ugly truth about the state of the American economy - and banking and financial system - is dawning. We are going to have another depression. It's roots are already too deeply implanted and hearty to be displaced by anything the Fed or Treasury (especially given our deficit/debt situation) have in their work trucks.
I worked in residential consulting then as a commercial broker right before the collapse, and it was so interesting that nobody would even tolerate the idea that things could go to hell. It was this cultlike faith that the market and our business would go on forever like that, maybe plateau for a little thats all. Projecting forward turned out really bad but heaven forbid you go against the industry doctrine, theyd run you out of town.