Americans banks are in a blood bath based on last quarter losses and write-downs - Citi alone lost $9.8 billion.
When the chips are down - guess who steps in - a Singapore Government owned fund (Chinese??), Kuwait (Protection Money against Iranian invasion) and an Arab Sheikh. With the world losing confidence in the US dollar, what gives? Why are thse people propping up American banks?
Things are not looking good overall. Bush may end his presidency with two failed wars and a recession. That's worse than Papa Bush - one successful war and a recession!