As long as the Obama administration's economic policy is shaped by his Wall Street economic advisers, the American economy will go into a deeper depression. Since the "leadership" of the EU is going down the same road, they will go even deeper into a depression. I have come to the conclusion that the economy will not survive, if we listen to economists.
We know that the New Deal economic reforms worked, and there is no need to reinvent the wheel. If homeowners do not receive any help on these overpriced homes, they have to give them back to the bank, otherwise they will go deeper into a financial hole.