I forgot to add:
Why do I think letting it all crash in one big bang will work??
The time lag between an event and resultant corrective action is usually quite large, and corrective actions are usually excessive. If we have one great bang, before companies realise what's happened and can take corrective actions, the market may already have started improving. This should result in less extreme corrective actions.
At the moment the market expects that there is a possibility of further bad news and further asset price falls etc. This expectation alone leads to it happening. If we had a big bang event, we would fall so low that the expectation of further falls would be less and we could get on with the recovery sooner. I would rather see a 12 month correction than a potential multi year correction that seem to be facing right now
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