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This is YOUR Government (and mine) in action. Except that you and I are not really part of it.

http://www.gata.org/node/6647

One can argue that the reverse auction pricing allows banks to determine the amount they need to receive for worthless credit derivatives in order to stay solvent.

The banks all are going to fail anyway, so let's get it over with.

All that is happening in this plan and in the F&F plan is a forced shift of "who pays" from the profligate lenders and imprudent borrowers and buyers. And to whom is the Government going to shift the burden of loss? To you and me and to anyone who might still be solvent and able to restart the system, after the collapse.

All this without your consent or mine. And, this further assures that when the collapse reaches its nadir there won't be anyone left standing except, perhaps, a few with silver coins or free and clear assets and skills and labor, the working man.

Karl