>Just wondering, since no one has posted on it, is everyone aware that foreign banks are part of the 700 billion bailout? Do you care? Does it matter?

This country does such a pitiful job educating our children about money, finances, the stock market and the economy, (four different things, that most people believe are the same), it comes as no surprise to me that most are either panicking or ignoring the news. The so-called "experts" have led us into this mess and they're now ready to repeat the same failed ideas once again and lead us into the next financial mess. More bailouts, more regulation and now we're throwing in actual nationalization as opposed to the previously legislated pseudo-nationalization. Instead of simply implying that the government will be there to prop up the risky failures, this time they're making it official policy, and not only do few seem to care, those that do are actively championing the idea.

The silly notion being postulated that the free market is to blame for the current mess is either politically motivated red meat to the masses during an election year, the ignorant ravings of a financially uneducated and panicky populace or the insidious propagation of a lie by those who seek to destroy the market economy upon which this nation was built. In the free market, ideas and institutions must be allowed to fail. Repeatedly during this mess our "expert" leaders have justified massive bailouts because the recipient is deemed "too big to fail". Free market capitalism is a risk-reward system and as we've seen in the past and are now repeating, if there's no consequence for the risk then the big boys will go hog wild risking other people's money without fear of a consequence.

Lather. Rinse. Repeat.
http://www.propublica.org/special/government-bailouts

We are a capitalist nation, based and founded on the notion that money is the fuel of freedom’s engine; everything we have as Americans is predicated upon our nation’s wealth. Despite this we refuse to educate our populace adequately about money or economics. As a result most people leave their financial dealings (401k, mutual funds, mortgages) to "experts". It's quite apparent that all the people want these days is to be told that everything is fine. People simply want to be nestled into the government tit and told to suck until they’re tired enough to fall fast asleep. As long as the “experts” say everything is and will be “okay,” they all feel better.

I now agree with what Tracy posted some time back. We are fiddling...

$2+ Trillion and counting in bailouts so-far (14% of America's GDP)
$700 billion proposed for in nationalization of financial vehicles (5% of America's GDP is being nationalized before our eyes)

"A billion here, a billion there, and pretty soon you're talking real money" - partial credit to Everett Dirksen