For Bernanke and Geithner, there are no bad assets. Only misunderstood assets.
No one wants to say it, but essentially the Fed has been bailing out European banks.
Again, read the whole thing, which starts as a riff on the AIG bailout. For more on AIG, also read James Kwak.
Finally, Richard Florida:
foreclosures have been concentrated in California, Florida, Nevada, Arizona and a modest number of metropolitan counties in other states. In fact, they claim that “66 percent of potential housing value losses in 2008 and subsequent years may be in California, with another 21 percent in Florida, Nevada and Arizona, for a total of 87 percent of national declines.”
He is quoting from this article on a study by a professor and a graduate student at the University of Virginia. He provides more, including a link to the study.