It looks like it’s going to be a race to the finish line – who will get there first?

On the one hand we have Timmy, Obama and Bernanke all desperately trying to maintain the extend and pretend kabuki dance. They hope that, with enough infusions of taxpayer money and enough pressure on the few individuals (e.g. Eric Schneiderman) who are in positions with the power to expose this sham, they’ll somehow buy sufficient time for the banks to grow out of their self-inflicted problems.

On the other hand, we have millions of wronged borrowers who have been defrauded at every step of this sorry process and are, in increasing numbers, demanding their day in court. Likewise for investors such as Walnut Place.

Stirred into the mix are increasing numbers of outraged, no longer silent, out in the streets Americans and citizens of other countries, sick onto death of the games these crooks have played – all at the current and future expense of the populace.

The core problem hasn’t changed in three years, as the author explains. The TBTFs were insolvent in 2008, they’re insolvent now and the only open question is who’s going to eat the losses.

Citizens and investors, at long last, are shouting “not us.”

That’s all they have – a moral contract – and guess what. It ain’t worth a shit.