The 12th bank failure of 2008 has been announced.
A sub-prime mortgage baron is confessing his sins.
Treasury Secretary Paulson has committed trillions of American tax payer dollars to the mother of all bailouts.
Treasury Secretary Paulson also wants this bailout power to be unchecked by the courts.
Meanwhile, there is fury at a $2.5 billion Lehman Brothers bonus.
So where is this all going to end up?
Well, now newspapers around the world are declaring that a default by the U.S. government itself is no longer unthinkable.