Unchecked

So for anyone who spent today under a rock or at work, it seems clear that the $700b we threw into our recent bailout package has been, to use John Maynard Keynes expression, "...chicken feed to the dragons..." The global crisis unfolding itself is now simply frightening in its scope and scale, and is promoting what I believe are unprecedented steps by the world's major governments to save us all from another depression.

A brief summary of things that have gone terribly wrong today would have to include: The British government nationalizing its banking system, purchasing shares of the eight largest banks in Britain and guaranteeing inter-bank loans in The Times. A globally coordinated reduction in interest rates between American, British, Chinese, and European banks designed to boost market performance in HuffPo. Another $38.7m loan to AIG in addition to the earlier $80m+ bailout in the NYT. Russia has stepped in to prevent the financial collapse of Iceland in Newsvine. Stocks across nearly every market in Asia continued to lose value on Drudge.

The Dow has just closed, down 189.

It is impressive to see the world's leaders actually working to coordinate their response to a problem that is now, clearly, an international one, and just as clearly really not under anyone's control.

There is little to no way to know what comes next, but here is the story in which Nancy Pelosi makes the first call for Bailout Plan II.