[Bloody Sam Roberts]

What should have been done from the get-go;

"Force all OTC derivatives onto a regulated exchange similar to that used by listed options in the equity markets.
This permanently defuses the derivatives time bomb. Give market participants 90 days to get this done; any that are not listed in 90 days are declared void; let the participants sue each other if they can't prove capital adequacy. Total taxpayer cost: $0.00"
- - The Genesis Plan by Karl Denninger

[aWolverine]

What should have been done from the get-go; "Force all OTC derivatives onto a regulated exchange similar to that used by listed options in the equity markets. This permanently defuses the derivatives time bomb. Give market participants 90 days to get this done; any that are not listed in 90 days are declared void; let the participants sue each other if they can't prove capital adequacy. Total taxpayer cost: $0.00" - - The Genesis Plan by Karl Denninger

Since we're playing Time Machine, what should have been done is preventing the creation of the Fed. Too far back? How about prevention of allowing the CDS liability to exceed the sum total wealth of each counterparty? Or maybe the entire sum total of the entire planetary economy?