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That isn't illiquidity, folks.  That's insolvency.  And the "something sinister" that's brewing is the realization that no amount of paper can patch this over.

Right, using paper to patch it over is trying to fend of bankruptcy in the interests of the creditors.

At some point, bankruptcy and orderly reorganization/liquidation will be required, and the government and the legal system will have to work to ensure that this happens as smoothly as possible.

A vivid image of what should exist acts as a surrogate for reality. Pursuit of the image then prevents pursuit of the reality -- John K. Galbraith

by Migeru (migeru at eurotrib dot com) on Sun Oct 26th, 2008 at 04:59:33 PM EST

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