Academic

Well, I’d like to think so. However, China apparently may have some reservations.

Chinese regulators have told domestic banks to stop interbank lending to U.S. financial institutions to prevent possible losses during the financial crisis, the South China Morning Post reported on Thursday.

(hat tip to concurring opinions blog)

I did like Campbell Brown’s concise take on the crises - an excerpt below the fold.

They are now telling us we are in a dire crisis, and that we must hand over hundreds of billions of dollars so they can lead us out of this mess.

What’s amazing to me is that the administration seems a little surprised that Congress and the American people are not marching in lockstep with them on this and not fully appreciating the urgency.

Well here’s why, in one word: accountability.

This administration missed the boat on this crisis. They didn’t see it coming. That’s why when Bush goes on TV in a few minutes, he will face a very wary audience.

And Secretary Paulson, frankly, you didn’t help the situation with your initial, imperious request to Congress that you be handed this money and that your decisions “may not be reviewed by any court of law or administrative agency.” Seriously, what were you thinking?

And Democrats, you are by no means blameless in all of this.

At the center of this crisis are Fannie Mae and Freddie Mac. Although they didn’t intend to encourage this spiraling chain reaction, it was leading Democrats in Congress — Senate banking chairman Chris Dodd and his long-time counterpart in the House, Barney Frank — who supported legislation that ultimately led to more and more of these bad loans we are all stuck with.