Paulson moves to recapitalize banks. Non-voting equity purchases by the government, complementary to new private capital.
And the Europeans, having had their fill of yukking it up about the stupid Yankees and our financial crisis, are now on board. Maybe Iceland’s bankruptcy concentrated some minds.
It’s an ill wind … Oil closed below $80. A credit crunch leading to a recession isn’t one of the better ways to pop a commodities bubble, but it’s one way.