"All these proposals allocate losses (and potential profits whenever this crisis is finally over) in a far more equitable manner. They also have the great virtue of enabling the market, as much as is possible in such dire circumstances, to determine the ongoing pricing of assets."

With such a definition of "great virtue", how does this pundit define vice? "Virtue" in a regulated spread of mass extortion. Even at their worst, Sicilian mobsters were never so "virtuous".

The market has already long been determining the prices of assets in the same way that an ice junkie treats its own body. How can he keep justifying such lunacy? For the last decade in particular, market speculators have run the market ragged by fraud, and the latest crashes are just logical results of such fraud. He wants fraudsters to be given more say in valuing toxic - actually worthless - assets!

No wonder he quotes and admires the likes of Gruen and Krugman: spin doctors for this toxic, corrupt and increasingly fascistic system.