Near as I can figure…

Geithner just doesn't seem to understand what Roy explains...

The trillions of dollars that vanished, never existed. The Emperor did not lose his clothes, he was always naked.

It's gone, and it's not coming back, which is why I don't think there will be a recovery in the conventional sense, but a reset. The fundamental argument is over where and how to start over.

Climbing back, though? Tried that. There's not enough oxygen up there, which led to hallucinatory decision making and mirages of vast wealth. The next path has got to stick a bit closer to the ground.