Just read this on "The Economist" Web site; it is a pretty interesting opinion piece on the bail-outs, the financing and investment collapses, and the world-wide effect now rippling through. While I don't agree per say with all of the author's diagnoses, he does bring up some little-known points about the money markets of the U.S. in relation to those in Europe. We've been learning about the financial and investment relationships between those markets in my International Political Economy class; definitely pay close attention to the section "What's Icelandic for 'Domino'?" - European markets could very well be even more vulnerable than the American market, based on commercial banks' investments.
I just thought it was an interesting argument, and worth a read. Here's the link: World on the Edge. Enjoy!