Plan Orange: The Mortgage Crisis Killed Quickly

"We cannot start our recovery until we have completed our bankruptcy. Go ahead now and do the denial, anger, bargaining, and depression. Open the window and scream. Then put the fate of the world ahead of the obvious reasons we shouldn't do this. Yes, we will reward a carnival of bad behavior and make people believe they can get away with it. Should we chose massive global depression instead?"

"Then ask yourself: Is it possible our property market can deteriorate by 40% and no systemic bankruptcy follows? Is the bubble's very definition homeowners taking on debt they cannot afford - to buy houses priced for a Ponzi flip? Where is that bad debt going to go?"

Continued: http://yourmortgageoryourlife.wordpress.com/2009/02/02/plan-orange-a-quick-end-to-the-mortgage-mess/