Jim Kunstler of Cluster[bleep] Nation gets to the heart of the matter, as far as the Global Financial Calvinball approach to the banking/credit crisis goes:
Alas, the financial impairment is still on-going world-wide and has quite a ways to run before it's finished working its hoodoo on the so-called advanced economies. The lame duck US economic posse so far has done everything possible except the two things that really matter: allow the fraudulent securities at the heart of the problem to be exposed to the light of day to determine their actual value; and allow those companies who trafficked in them to suffer the full consequences by going out-of-business. For the moment, they're content to shovel cash into the truck-bed of every enterprise in America that shows up at the Treasury loading dock.
This is what I mean when I say, "The solution to lack of transparency is not liquidity. The solution to lack of transparency, is transparency."
Sooner or later we will get there. It's just a question of how much needless pain is inflicted on taxpayers and the real economy before then.