My primary rant about USA financial situation is the US has allowed the accounting rules to become corrupted. The US strength has been transparency producing a trust from around the world. We have now degraded that trust resulting in a complete credit freeze and impossible to value corporations.
The SEC has proposed honest accounting by adopting international accounting rules by 2014.
This would eliminate "level 3 assests" which are basically unknown value assets. I have said before, until the rules are fixed, no trust can be established. I am very happy to see this starting to get recognition from the US government.
Click for a interview discussing this topic, and the problems around accounting.
None of this changes the view for next two years, but a pinhole of light was created today and hopefully will get much brighter.
UPDATE: 8/30/08, SEC moves on proposed changes to take effect as discussed, 2010 for some companies, 2014 for all.