the d word, page-6

people actually want their money back they are owed but obviously aren't going to get the money. It's got nothing to do with people not wanting to borrow. Debt is the problem, not liquidity. The system clogged up with bad debt and Bernanke's plan is to clog it up further until they're swimming in it. Then the problem becomes how do you swim, not how do you unblock it?

There's absolutely nothing wrong with asset values falling to reasonable levels, the problem is people gambled with credit to buy in when the asset values were too high.