Would that we had a more comprehensive definition and numbering of the so-called 'illiquid, "toxic" securities and mortgages' referred to in the article you cite.

The continued use of such thread bare descriptions in the public discourse is tragic. I am blaming the government, the executive and the congress, for not providing the information. We are watching a once in a century economic unwinding with blinders on.

Here in April of 2008 Dr. Ellen Brown estimated the then true book value of the CDOs on the major banks books to be at 60%.

They are insolvent, bankrupt, kaput. It is only because of their flim flam accounting that they appear to be above water, a craft the Americans excel at.

Flim flam accounting and the US taxpayer, now being thrown into a monstrous black hole.

I said this early on, we should have nationalized them in their entirety or let them go bankrupt.

Here are subsequent articles by Ellen Brown.