Oh My God Economics Update

I normally don't note stock market swings, but 778 points after House 'Phants kill the Paulson bailout bill?

Surprisingly, the dollar is up and oil is down.

Money with half a brain should be fleeing in the other direction, but it appears that European banks are in real trouble too, because their governments are bailing a bunch of them out.

Not that US banks are doing much better, with Citi getting the bits of Wachovia for magic beans.

So not both the US Federal Reserve and various foreign central banks are shoveling money out the door.

Meanwhile, Iceland did what Paulson should have, when it nationalized the Glitnir bank, as has the UK, which has nationalized mortgage lender Bradford & Bingley.