OK so a lot of these institutions by their own "rules" (as if that's not enough of a joke) can't buy anything but AAA so it's being manufactured for their consumption.

Let's assume these would be the very same cast of characters, because they can only effectively buy AAA at major volume. OK, everybody now knows this crap is crap. The gamble now is that government owns the problem and to what extent will they step in and bail it out yet again?

Therefore the instuments, however worthless their underlying "securities" have trade or speculative value. Shebang.

Nothing will surprise me at this point, I just want to see this happen. I want to see Wall Street turn openly into the revolving-door of zero value that spends at fancy restaurants work like a top and spin faster and faster.