Why of course this is going to take a long time to correct.  It is a problem involving many dollars and many households.  No, you can not straighten something out like this in 1 or 3 years. 

It will take 10 years min. 

The only reason the FDIC does not close banks faster is because (1) they do not have the staff to do it and (2) they don't have the dollars to cover the losses.  They don't want to start a panic. All the time they are praying for a miracle to save their behinds.  Not going to happen and it should not happen.  When the government takes out the checks and balances in the finance system it will just take longer to get it all straighten out.