Patientrenter: Let me be the first to say I might be dead wrong in my assessment of the situation, but I think that an orderly unwinding is preferable to an uncontrolled crash landing.

There is something on the order of $20Trn worth of potential bad debt floating out there and, until that’s swept away or dealt with, we’re going to continue to experience significant structural and systemic issues.

While I hear your point regarding a GDP reduced by some 20%, how would that happen and in such a way to not put us in the ditch? I’ve looked at this six ways to Sunday and I’ll be damned if I can figure it out. I’m not claiming any particular genius here, but I can see where Bernanke is trying to go. I know he’s incurred the wrath of quite a few economists in the blogosphere, including Mike Shedlock, but I frankly don’t see Mish’s solution (just let ’em all fail) as being a better alternative.