BANKSTERS IN DENIAL

As a country, we simply can't afford to have bankers who are unwilling to face reality:

Economists at Goldman Sachs estimated recently that banks were valuing their mortgages at about 91 cents on the dollar, far more than investors are willing to pay for them. (NYT, 4/10/2009)

Let's recall that even on some formerly AAA-rated assets, the market value is about 5 cents on the dollar.