And there's every chance the bailout might not work btw. Whether the global financial system goes into total systemic meltdown is now beyond the control of the people who run the financial system. We 're going to see a bunch of hedge funds go bust now. One of them might be big enough to set things off. A bunch of foreign banks may decide to pull enough money out of the US and that will initiate collapse. There are a dozen things out of the financial system's control that might detonate the whole thing.

There could be a much better and effective bailout of the system than the one on offer. And we may see an eventual bailout v 2.0 that eventually works. But bailout of some kind there will have to be, otherwise things will get Depressingly bad. If we're lucky we can get away with just a severe recession for a year or three.