Wackonomics

[mcsluggo]

the japanese allowed their banks to avoid any real consideration of how much their useless assets had actually withered away, it was a key key factor in their inability to actually come to grips with their asset bubble pop and subsequent banking failure... that limped along for over a decade.

make the banks value conservatively. if they are insolvent, they are insolvent... and will have to be nationalized. Just do it already... if the assets rebound a little, the govt can recoup some of its losses in the workout. THis financial sector mess is going to cost $2trillion to fix. We ought to stop beating around the bush and just get to it... stalling isn't going to make it taste any better.