Sounds like a good idea in principle, Pecs, BUT.....we still have no idea of the level of debt or the amount of bad news still to come out.
From Bloomberg, I note that ACA Capital, a bond insurer, has US$60 billion of default contracts it cant pay and has been given a month to pay. $60 BILLION!
http://www.bloomberg.com/apps/news?pid=20601010&sid=a6ssiI6UQT0I&refer=news
They were set up to insure mortgage defaults from the sub-prime debacle.
And you have:"Both Ambac and its larger rival, MBIA Inc., are under threat of losing the top grades from Moody's Investors Service and S&P, a move that would throw doubt on the ratings of $2.4 trillion of securities."
$2.4 TRILLION!
The problem is that GWB ramped up the US economy after the "Tech-Wreck" with the housing market, which is now stuffed, and there is nothing u/neath to give support.
GZ
solution to recession, page-9
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