It looks very much as if the US Treasury is going to adopt the European model in the next stage of the bank bailout. Late tonight the New York Times had this story:U.S. May Take Ownership Stake in Banks The real novelty here is that the government is prepared to take ownership shares of a […]

This article in today’s New York Times: Europe Tested by Financial Crisis highlights just how bad the situation is now getting. The rot that was the American mortgage market has now spread like a cancer to Europe. European banks were eager to hold American assets because of the size, liquidity, and reputed safety of the […]