I support the belief that this is a beam of light from yet another oncoming locomotive, and the end of the tunnel is still far, far away. If it is not merely endless trains shooting out at us from the darkness.
There are several ways to turn this around, you know. One would be to turn around, and go back out the way we got INTO this mess. But that probably won’t be tried until absolutely every other bad alternative is attempted, found to be inadequate, and discarded.
Just get the toxic loans out of the system, and tighten up the underwriting to where it should have been all the time.
All my poker playing buddies (mostly 60+) say there's no bloodless/peaceful way back.