In case you missed it last week, when Martin Wolf, the world's preeminent financial journalist told you that "a sizable proportion of financial institutions are insolvent", here's Nouriel Roubini with an update:

The US banking system is close to being insolvent, and unless we want to become like Japan in the 1990s -- or the United States in the 1930s -- the only way to save it is to nationalize it.

We have used all our bullets, and the boogeyman is still coming. Let's pull out the bazooka and be done with it.

See also, reporting by Steve Lohr:

Some of the nation’s large banks, according to economists and other finance experts, are like dead men walking.