So the Brit's are leading the way again.

[Gib's Son]

The Government's bail-out of the banks in October with £37 billion of taxpayers' money was supposed to have "saved the world", according to the PM, but now it is clear that it has not even saved the banks. Our money kept the show on the road for only three months.

As the Liberal Democrats' Treasury spokesman Vince Cable asks: where has the £37 billion gone? The answer, as Cable knows, is that it has disappeared down the plug hole.

We will get ours soon enough.

The whole story: http://www.telegraph.co.uk/comment/c...ankruptcy.html

Once again our founding fathers warned us against "fractional banking". They had the foresight to see that banks would inflate the economy with fictitious money with no assets to back it up which would cause a boom, which inevitably ends in a bust.

[mrs reb77]

from that article:
In this gloom, the Prime Minister has but one slender hope: that somehow, by force of personality, the new President Obama engineers a rapid American recovery restoring global confidence, energising the markets and making us all forget this bad dream.

[jrbenny]

Good grief.

[jmac00]

from that article:
In this gloom, the Prime Minister has but one slender hope: that somehow, by force of personality, the new President Obama engineers a rapid American recovery restoring global confidence, energising the markets and making us all forget this bad dream.

I think that might work if Obama can walk all the way to London, without getting wet