A week that books will be written about. Much worse than 1987 and 1992, not quite the 1930s though (well let's hope not).
The US goverment bail outs are now happening and this seems to have bouyed the markets both sides of the Atlantic. The money involved seems incomprehensible. The focus is clearly on retail banks, investment banks will probably be allowed to go to the wall.
Lessons learned, short term profiteering, reliance on a bonus culture, the house rise bubble - we' re in for a tough 2 or 3 years ahead from this point.
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