Just what we need here, more brilliant experts!

My take is that a much bigger risk to all of us is a lack of political will which caused the sinister and horrible stagflation that Japan and its people have been subjected to since their asset bubble burst in the 80's. The German banks are taking their losses. We should do the same. This is what Barney Frank has proposed and I think that's the right thing to do. The government is the lender of last resort but only after the investment banks have taken the losses properly allocated to them. That would be a much bigger confidence-booster. Instead, we get pedantic rhetoric like, "it's too complex for you morons out there" and "I'm an expert on the Depression", and people on Wall Street and in finance are "brilliant." Just what we need here, more brilliant experts!

The shareholders of the investment banks are wiped-out, it's that simple. If it so happens a great majority of those shareholders happen to be Wall Street insiders and their friends, that's no reason to continue this charade to what I perceive as the continuing detriment to the people. It the investment banks can't raise the capital they need in the market, they have outlived their usefulness.

Perhaps you could educate us about the situation at the commercial banks in this situation. This is where most of us have our money and loans. How deep are they into the derivatives market? Last time I was in Wells Fargo about the most aggressive thing I saw them pushing was documented home equity loans.

Gerry Faulhaber