Can I just start this post by saying that anyone who thinks losing $1.2 trillion dollars in a day - just in the US - is better than lending $700 billion for a calm, orderly sale with some prospect of getting most of the money back is an idiot?
Yes, the proposed bail-out isn't perfect, yes, it doesn't address some of the problems that caused this mess in the first place, but it's a damn sight better than the alternative, as we're finding out.
My God. I've heard more than one person say that Wall Street needs to learn a "lesson" so this doesn't happen again.
To those people I say this: No lesson is worth $1.2 trillion dollars.
20 hours ago