We "bailed out" large financial institutions that held billions in unrealized losses on their books due to the collapse of real estate value. Real estate has not increased in value since the bailout, and there are still more ARM reset cycles coming, resulting in additional foreclosures and putting a serious damper on real estate values rising any time soon. And although credit isn't completely frozen, it's no longer flowing freely the way it was pre-2008 when transients could buy a house and 0% credit card offers were mailed weekly to everyone in your household including the cat and dog. What happened to all the toxic waste on the books of the big financials? Was it swept under the rug so the bulls could break out of the gate and have a big party with bear pinatas? Does this toxic waste ever have to be realized or can it remain under the rug indefinitely?