It hides the economic substance of what's really happening-an unlimited taxpayer bailout.

To address the situation, the FDIC is going to start selling U.S.-guaranteed FDIC senior certificates. However, it has no Congressional authority to do so according to former thrift regulator William Black.

• Virtually everything you look at is broken and unfixable, from both a mathematical and political standpoint.
• All democratic welfare states are insolvent and incapable of meeting their obligations.
• Sovereign defaults are likely and will likely occur in domino fashion.
• Insane economic policies and regulations are making matters worse.
• Businesses are not hiring or investing because of the uncertainty that has been imposed on the country.
• Wealth, intellect, and corporations will flee this country.
• More than half of the states are likely to default on their obligations.
• Most major municipalities have pension obligations that will be unable to be met.
• Individuals are still over their heads in debt with no hope in sight.
• The housing market has farther to go on the downside. Foreclosures will accelerate.
• Commercial real estate is a disaster that has not yet hit full force.
• Joblessness is not improving and will get worse.
• Infrastructure has deteriorated. There are no funds available upgrade it to proper standards.
• Private pensions and union pensions are grossly underfunded and likely to become worse when financial markets tank.
• The welfare system is unsustainable and has to be dismantled.
• Generations have grown accustomed to entitlements and will not take kindly to the necessary reductions and eliminations.
• Education has deteriorated to levels such that many graduates are literally unemployable at a minimum wage, or at any wage.
• The banking system is insolvent, with many banks unlikely to survive.
• Social Security and Medicare are unsustainable programs that will collapse or have benefits so reduced as to make them virtually unrecognizable.
• Government guarantees of Fannie, Freddie, FHA, and a host of other programs will likely require $2 trillion-plus to honor at taxpayer expense.
• Anything the government touches, it destroys, be it social programs, the post office, Amtrak, education, or (soon to be) the entire credit system, General Motors, student loans, etc. -- and finally, the entire economy.
• The FDIC is in a deep hole from which there is no escape other than additional taxpayer bailouts.

How the country class and ruling class might clash on each item of their contrasting agendas is beyond my scope. Suffice it to say that the ruling class's greatest difficulty -- aside from being outnumbered -- will be to argue, against the grain of reality, that the revolution it continues to press upon America is sustainable. For its part, the country class's greatest difficulty will be to enable a revolution to take place without imposing it. America has been imposed on enough.

Cynic, n: a blackguard whose faulty vision sees things as they are, not as they ought to be.