This is what needs to be done here. Will it hurt? Hell yes it will. Will we get through it HELL YES we will. But there are a lot of people in banking, investing and in the watchdog agencies that need to go to jail and learn the pleasures of domestic bliss under the gentle tutelage of former crack dealing street thugs.
I agree 100%, it was better to take the hit then, than to only delay the inevitable, and make the inevitable even worse.
It's what SHOULD have been done here. Now, it may be too late.