Did you notice that there have been no actual “bank failures” (at least in the U.S.).
IndyMac was taken over by the FDIC and its doors are open and no one lost a cent (above the $100K limit).
WaMu was bought by Bank of America.
Waucovia was bought bt CitiBank.
Some crisis, eh?
All those “bad loans” were put together or bought by Fanny and Freddie, which the government now owns.
So why are they passing a bill to “bail out” the banks when they already own the companies who produced all the bad paper?
Maybe to bail themselves out, as well as to provide cover for their own incompitence.
As financial experts, Congress ain’t too swift, are they?