I should have been clearer. The underlying properties are what need to be priced lower.
And if the price is zero, I'm willing to buy a few of those thinngs at one penny on the dollar.
Heck, I'd take a 1000 of them at a dollar a piece. Someone want to sell me some?
Many firms will fail, with the Fed intervention. Of the ones affected, 90% of them will fail without it.
When that works it's way down to you and it will, and is now, everyone will share in the pain.
With all the bruhahaha, one has to note that only 5% of the underlying mortgages have failed. Should the financial crisis spread to the streets, the number will skyrocket.
This is financial Armageddon. It is what it is and there are two choices. Let it happen or try to mitigate it as best as we can.