Leaving behind a few understrength companies to set up ambushes and sacrificed themselves for the fatherland.
That means you nationalize the banks this VERY minute. This will leave nobody LEFT TO DEFAULT. You don't get any worse than it already is. Get $0 for the bank equity and jam the losses to the taxpayers, if that is needed (and I believe that will be somewhat huge).
Then the market stabilize, overall it will go up a bit but then it stops crashing and number crunchers can go out there and figure out the fair values of everything. Commodities will be up, basic industry will be up, homebuilders will be flat to down, banks will be zero, autos will be zero.
It's the only fool proof idea I got, and my fingers started numbing down from the cold down here sir.
The right enemy
5 years ago