It's Not Working

Image via Wikipediahttp://www.bloomberg.com/apps/news?pid=20601087&sid=aP5hzUWla7Jg&refer=home

"The Federal Reserve will pump an additional $630 billion into the global financial system, flooding banks with cash to alleviate the worst banking crisis since the Great Depression.

"Stocks around the world plunged the most since 1997 today and credit markets deteriorated further as authorities scrambled to save more financial institutions from collapse."

Meanwhile...

http://online.wsj.com/article/SB122270285663785991.html

"The White House and congressional leaders agreed on a deal to authorize the biggest banking rescue in U.S. history.

"The $700 billion program would effectively nationalize an array of mortgages and securities backed by them -- instruments whose deteriorating value has clogged the nation's financial system."