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Elsewhere
Obsidian Wings — ... by hilzoy The NYT has a set of op-eds on how the market meltdown looked from Europe. It's worth a read. Ireland: "The old saw “safe as houses” no longer cuts. And money in the bank is no longer “money in the bank.” We did not think the system could fail, but late last month government officials, in a dawn announcement, told us they had been compelled to give a 400-billion-euro guarantee to the banks, which were running out of money. It has been estimated that if the banks have to call in that guarantee, it will bankrupt the ...

Elsewhere
Political Animal — Elsewhere The NYT has a set of op-eds on how the market meltdown looked from Europe. It's worth a read. Ireland : "The old saw "safe as houses" no longer cuts. And money in the bank is no longer "money in the bank." We did not think the system could fail, but late last month government officials, in a dawn announcement, told us they had been compelled to give a 400-billion-euro guarantee to the banks, which were running out of money. It has been estimated that if the banks have to call in that guarantee, it will bankrupt the country for the next 37 years. ...