The mortgage auctions that are planned amount to a fire sale. It seems appropriate to attempt to recover and manage whatever value remains at this time. It's not a bad idea if it does help "clear the books". Letting the banking system go down is not a good option and we will have to face the loss eventually, one way or another.

I like what Geithner said about the future. They brought up a Times magazine article "The end of Excess". Gregory asked "Will consumption change"? We need to return financial responsibility, "live within our means" Geithner said. He mention tough regulation in an effort to rid ourselves of economic bubbles and strive for sustained growth in GNP.

Halleluiah