as soon as the banks get their hands OFF the credit taps and let...

as soon as the banks get their hands OFF the credit taps and let some money start flowing, asset prices should find some stability.

Unfortunately as long as it remains in the hands of the banks, and one needs cash rather than credit to acquire assets - volatility will remain.

This is the other side to taking on too much debt. When money is flowing like wine at a roman orgy, asset prices inflate, when the wine [and the orgy] cease flowing, you really get to see who's caught with their pants down!

Debt ratios are wonderful when shown as a % of assets and assets can be bought with cheap, flowing credit. The same ratio for the same asset looks atrocious, simply because someone turned off the money supply.

Funny, isnt it.
I believe that the world's economic system has worked very well for the past 100 years and will continue to work well in the future, hiccups and burps and ghastly passages of wind aside :)