Europe debates their own bail out

Nicholas Sarkozy jumps on the TARP bandwagon, and proposes we imitate the US; German finance minister expresses reservations, "to put it mildly"; US Senate approves bailout package; European Commission proposes very strange banking regulation; Moody's cuts Iceland's credit rating on the grounds that Iceland bailed out a bank (just imagine that); a group of well-known European economists, meanwhile, has written an open letter to EU leaders, calling for a systemic response to the crisis. http://www.eurointelligence.com/article.581+M5c2bd56bf51.0.html