Recommended - Nouriel Roubini's latest post

On this Friday morning when the already severe financial crisis is clearly becoming worse hour by hour (the US stock market just opened 700 points down in the first few minutes, though it has recovered most of that now), Nouriel Roubini's latest post The world is at severe risk of a global systemic financial meltdown and a severe global depression, posted yesterday afternoon, seems worth reading. He suggests the sort of dramatic steps that are now needed, since the day-by-day incremental steps taken by the Treasury Department and the Federal Reserve clearly aren't working yet.

Among his suggestion: insure ALL bank deposits of any size (to stem the continuing pullout of money from regional banks), immediate triage of the remaining banks, and temporary nationalization of those that are failing, an immediate freeze on all foreclosures, and a massive WPA-style stimulus package.

It looks to me like it is time for such drastic and dramatic steps.