there is only one person who can save us Ivanovich the moderator he will use his deleting skills to DELETE THE DEBT
Now that banks will most likely be let off the hook from mark to market madness,it occured to me that if the government/banks/insurers are wrong and these assets they are holding truly are correctly valued and foreshadowing a worst case outcome for the economy. Then the government/banks/insurers stand to lose TRILLIONS. Its hard to imagine the government can replace the shadow banking system in terms of size. if the fiscal/monetary measures they take fail to revive the credit markets and consumer demand, well the USA is head for massive currency devaluation and inflation.
Our government? It's a joke. We have a president that has ZERO economic, management, organizational, leadership experience and has appointed a bunch of morons to advise him. Obama, Pelosi and Reid are just taking advantage of the situation to spend us into hyper-inflation when the economy repairs itself. Soon after the economy gets out of recession, Obama and the Dems are going to tax business big time and send us right back in. Of course, that's assuming we don't get nuked by the likes of Iran since Obama thinks talk is better than action. We're in big trouble folks. S&P will probably bounce between 500 and 1000 for the next 4 years.
Eliminating M2M to cook up the numbers is one thing. Dealing with the problem of toxic assets that is largely derived from foreclosures is another. Ya think the rate of foreclosure would somehow slow down once the M2M is gone? That's fucking laughable. These crackpot economists are deluding themselves.