What conclusions are you drawing? I have a few. "Banks" who operate outside the good practice of the fractional-reserve banking model need to be regulated. Politicians and regulators need to understand and be transparent about the underlyng risks of our financial and economic models. High leveraged debt is not a substitute for a social housing programme. Houses are not a market for 80% of people and their homes. Politicians over react when they are looking stupid. I say this because in real terms, I don't believe that the amount needed to be written off in our housing markets should have such a profound effect on our overall economy, and therefore I would let the market sort itself out. The bank that I use for example, could swallow the bail out amount and still remain well within good practice liquidity ratios. Oh, and finally, McCain looked like a rabbit caught in headlights.