A sober perspective from a financial professional

My friend who made his career understanding markets writes:

...from my perspective, the current financial crisis is getting worse, not
better. The FEDS continue to pursue a policy of fixing the leak by adding
more water. They think that if they can fill up the pond faster than it is
draining it will somehow repair itself. Clearly a mistaken perception.

The corporate debt market, and now the markets for state bonds, are
completely dysfunctional. Next quarter I fear we will see bankruptcies
mushroom. I don't see the FEDS doing things that will encourage investors
to take on corporate obligations. And without these funds available,
America cannot finance itself.

Unfortunately, I can't find any reason to disagree with any of this.