He needs a good editor, but there are some interesting perspectives here:
The object of the game is to prevent the "assets" of Bear Stearns from going to the auction block, on which they would be discovered to be nearly worthless, which would instantly render all similar assets held by the other big banks to be similarly worthless, and would result in a universal margin call that would pretty much unwind the hallucinated "wealth" acquired the past ten years.
Contrast that with the sage pronouncement from President Mission Accomplished that "In the long run, our economy is going to be fine."
Thanks, Shrub: I feel better already...
Update: Krugman sorta backs up Kunstler on this, although Krugman is less willing to contemplate the failure of the system.
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