Bracing for the next wave

By Creature

Kuttner:

The weakness of the mortgage relief program and of the banks' balance sheets have one big thing in common--an administration that is far too deferential to the big banks. For the crisis to be solved soon, rather than lingering on and on, we need direct government refinancing of mortgages, and direct government restructuring of zombie banks.

Cramdown and nationalization. It really is as simple as that. If only the Obama administration had the guts to take on the banks.