Beyond Bair’s picture, Nocera writes that “the next round of [bank] recapitalization — and it now appears the next $350 billion of TARP money is going to be used primarily for that purpose — needs to encompass the entire banking system, and needs to be truly enormous.”
Seems like we’re right at the abyss. It’s past time for bold action. It can’t come a moment too soon. Let’s roll!
[Update: See also Joe’s Executive Suite blog post – and the ensuing discussion!]