US government has to spend US$700 billion of money in exchange for useless toxic assets. This is funded by the USA Top Printing Money Machine Inc.

Fed now has to buy short-term debt from companies because nobody wants to do it. This funded by USA Top Printing Money Machine Inc too.

Iceland has to borrow 4 billion euros from Russia because the former was going bankrupt.

Strangely, Russia itself is having some problems with its own financial sector.

Ireland has to provide guarantee to its banks.

Germany announced that it is guaranteeing private depositors their money in the banks too.

British government considering equity stakes in top 3 banks include RBS to bolster capital lost due to mortgage related losses.

Danish government announce guarantees all bank deposits.

Number of institutions that have gone bankrupt or bought over due to this financial crisis: I have completely lost count.

My comment:

This is an indeed a financial bubble. For those who would like to take advantage of this situation, be careful not to catch a falling knife. Nevertheless, this crisis period is an excellent opportunity to find bargains. The only question is that if the bargain is too cheap, it can become zero. It is best to consult a professional on how to catch this knife without cutting oneself!