As you may already know, the media price of a house in the Detroit area has fallen to $7500. Yes, that is correct, $7500. You can buy a decent house in Detroit with a credit card. You probably won't be able to purchase a hut in Madagascar for the same price!
The incompetence which brought us current the misery, tells us that it is overnight become competent. Whereas, it could not "see" a crisis even in early 2007- ala Mr. Ben's remark about the subprime being a contained disease- it now has a full-scale solution to this problem. Not a chance.
The only solution which will benefit the people is an orderly auction of assets held by banks, insurance companies, and other financial and non-financial zombies.
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