Everything is relative.
Our FI’s run up the flag of Banks to look respectable while they rape and pillage.  The EU and their Banks look a bit more like privateers, with letters of marque from their lords and masters.  Madoff runs a ponzi scheme and goes to jail.  Lehman and Bear Sterns go bankrupt.  EU FI’s buy up each other’s debt and they call it fiscal policy.  Kind of like Citi being too big, and Goldman being too well connected to fail.  We’ll see if Pelosi and Barney Frank can help us turn our pirates into privateers ’cause that’ll be much better. 

Can you hear them?…….”everyone wants stability when there’s chaos, certainty when there isn’t any, and someone to blame [especially with mid-term elections coming up] so lets call it the Financial Stability Bill and….wait…..do you think BP will take another couple of months to cap that thing so we can get through the summer throwing them to the crowd before we need to get back to this…..”

and it could always be worse.    
Even though the US economy is a tattered wreck fighting a lee shore, the EU is already on the rocks.  How do you make T Bills look good?  Look at the EU.

Can you guess I was reading Patrick O’Brien last night?