And, the credit crisis is slamming Europe, and guess what is at the core...bad mortgages...sound familiar?

No banks bail-out fund for Europe

Nicolas Sarkozy: Each government will act in a co-ordinated manner

Europe's biggest economies have agreed to work together to support financial institutions - but without forming a joint bail-out fund.

French President Nicolas Sarkozy hosted the meeting of the leaders of Britain, Germany and Italy in Paris.

They agreed to seek a relaxation of the EU rules governing the amount of money individual states could borrow.

Mr Sarkozy announced a series of other measures - including unspecified action against the executives of failed banks.

Speaking after the meeting at a joint news conference, he said the four had agreed that the leaders of a financial institution that had to be rescued should be "sanctioned"....

http://news.bbc.co.uk/2/hi/europe/7648249.stm

The credit crisis' chickens are coming home to roost, I am afraid. The really sad part is that there have been many voices who have been sounding the alarm for years, just to be quashed by groans of fear-mongering by the lenders and economic experts on the left of things. And the answer in Europe as in this article..."Seek a relaxation of the EU rules governing the amount of money individual states could borrow..." Let's see now...isn't that the plan that the US Federal Reserve Board tried in the US? Then when that top heavy credit tree started to tilt to the point of toppling the government sent out the "free borrowed money" that was to shore up the economy...let's see now...that started about four months ago...and now the tree is crashing down on our heads.

Hey...Chicken Little...maybe we should have listened to you?

You know...a few hundred billion here...a few billion there...as one lawmaker said a couple of decades ago, "Pretty soon you are talking about a lot of money!" Except in this case we aren't talking about money in any tangible way...we are just talking about "credit" spending.

Sobering reality friends...very sobering.

XtnYoda aka chuck