I don't think anyone but, the those on the inside or running the system have any idea how bad it really is. They keep creating scape goats like Refco and Enron to help bury some of their thieving tracks IMSO.
We continue to speculate...but, since we never see the DTCC's books and the DTCC, like the Fed, seems to be beyond reproach or impervious to all assaults...who knows what's going on???
What can't they do...when they seemingly have complete control over all aspects of the markets. About the only thing they can't force ya to do at this time is buy.
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