The Financial Meltdown is a global problem

Besides the American banks, I have also heard of banks in the UK going under. According to Paul Krugman at the New York Times, there are also banks in Iceland going down. Glitnir Bank there has taken a massive infusion of euros from the government of Iceland in return for 75% of the bank.

I suspect we will see more along the way.

Meanwhile, tomorrow, the dead cat bounce we saw on Wall Street today should be over and plummeting prices should resume.

Good times!

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