Repeat after me...

Repeat this three times daily until it becomes easy:

“Most major U.S. Banks are insolvent.”

This fact is as plain as the notes in the annual reports if not the balance sheets. Why then do we continue the charade of treating the problem as one of liquidity? Billions, maybe trillions of dollars of our kids future earnings will go to pay for this game. Republicans and Democrats in Congress are fond of playing the “sound and fury” game when they drag bankers and corporate leaders before them. Yet we don’t see a leader stepping up to call the problem what it truly is. We have noted economists and editors of credible publications like the Financial Times and The Economist stating things clearly, but the masquerade continues over here.

Bring your pitchfork, I’ll supply the torches.

http://www.economist.com/finance/displaystory.cfm?story_id=13110352