Now What? (Kunstler)

[CanonRay]

On Tuesday, when the Republican Party and its Tea Party chump-proxies re-conquer the sin-drenched bizarro universe of the US congress, they'll have to re-assume ownership of the stickiest web of frauds and swindles ever run in human history - and chances are the victory will blow up in their supernaturally suntanned, Botox-smoothed faces.

Link to full editorial: http://kunstler.com/blog/2010/10/now-what.html

[jillan]

1. Is it Wednesday already? We haven't lost yet - make some calls people!

[Kolesar]

2. Ohio representative Marcy Kaptur D-Ohio had an alternative bank work out

It involved liquidating the worst banks and a new starting point. I cannot recall how it worked. This was two years ago.

Let me tell you something: this problem is not going away. At the very least it is going to paralyze the real estate industry for as far ahead as anyone can see. For another thing, it could force the disclosure of what the banks are holding in their vaults in the way of worthless paper and expose their insolvency. For still another thing, it could lead to rafts of lawsuits that would additionally shove the banks toward collapse, demolish the claims that underlie our currency, call into question the meaning of property ownership per se that is the basis of Anglo-American law, and tie up the court system until kingdom come. In any case, every pension fund, state government, and insurance operation would be crippled. I could go on but you get the picture.... This might all sound extreme, but I repeat: nobody with any authority in this land has proposed a plausible way out.