Stress test? How about the fact that the top five US banks have $587 billion in losses coming down the pipeline? This is more than four times the bailout money that's already gone their way.

It's intervention time. Dear Wall Street: step one is admitting that you have a problem. By any rational measurement these banks are already dead and have been so for many months. Nationalization sucks, but it is the only option. The finance system is gangrenous and each day we wait means more American jobs, business, and homes will be amputated.