Trust....Gone

Trust is completly gone on in the system. It has been continually destroyed by the system, the leaders of the sytem, and the government over the last year.

Trust destroyed:
1) Rating agencies who rated things AAA implying less than .5% chance of going default and saw these AAA things defaulting left and right
2) In Wall St executives who take huge bonuses on earnings that haven't been really earned and then walk away when things go sour.
3) Wall St executives who come out on CNBC promising everything is fine and then burn investors with billions in writedowns and equity raises a week later
4) Bernanke who over and over again said there was no problem in housing, then there was no problem in subprime, then the problem was contained being clueless at the real problems.
5) Pauslon in being just as clueless and proposing stupid stupid ideas
6) Counterparties because they may be gone tomorrow
7) Regulators who missed this entire thing not pushing restraint in the go go years
8) Regulators who changed the rules in the middle of the game when hedge funds have followed a playbook that had been in place over a hundred years.
9) Accounting that hid the problems

This is definitely not an all inclusive list. When talking about borrowed money, without trust you have nothing and multiple parties at every step has destroyed trust.