OT: A few years ago the energy business underwent a similar meltdown (post Enron) and I had a list of 15 or 20 companies that were struggling to say the least. Assets were flooding the market and Moody's was busier than they are today downgrading compaies debt and creating a similar spiral. These companies got through it and the banks will too. We didn't bail the energy industry out and we shouldn't bail the banks out, come recession, depression, or even financial collapse (which will not happen because there are too many greedy (in a positive sense) people out there willing to step in). It will go to those who have managed their affairs wisely and have cash to go out and secure these properties. I, myself have purchased two beautiful homes this year that were foreclosed on and sold one for a profit and will be renting the second one. There are those out there who will catch the fall at the appropriate point. Feds, get out of the way!
