Bill Kristol at the Weekly Standard (h/t Instapundit) has this:
The huge European bank Fortis is apparently about to fail. The ripple effect on the American banking system could be disastrous, with bank runs, liquidity crises, and stock sell offs possible Monday. Wachovia may well fail next week. As Larry put it, this really will be 1933 soon if we don't move rapidly to stabilize the banking system.
And here's the bad news: the current bailout bill, whatever its merits and likelihood of passage, does nothing to address this.
2 comments:
Fortis may go down, but at least two European banks are looking hard at buying it. One is in Spain, the other in France.
Citibank is looking at Wachovia, hard.
I don't think the situation is sunshine and balloons--but Kristol's scenario seems a bit hyped to me.
Well let's hope so! Yes, I've been following news reports about who's buying who. We'll see what happens tomorrow.
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