Tim Congdon has a great piece in The Times on the current problems. Of course, we like Tim because he's one of us. But don't forget he's one of the leading economists in the country too.
He explains just why we want that American bailout to work, how important it is. There's nothing very new about that tactic, it's one that has worked many times before. The only difference this time around is the size of the problem and the size of the necessary solution.