Good post at The Corner re:the meltdown and subsequent nationalizations.
At some point we're going to have to take our medicine. Perhaps a very deep recession caused by skyrocketing interest rates beats a collapsed banking system, and this is what the government is trying to engineer. But losses are losses, and they are going to need to be taken. Would you loan money for 30 years at 3% to a government that is buying everyone's unpayable debt? I sure as hell wouldn't. Eventually something's going to have to crack.