NOT JUST AN AMERICAN PROBLEM (CONT’D): European and Asian markets plunge as bailouts in US, Europe fail to ease financial fears. And oil’s down to 90 bucks a barrel.

UPDATE: More on Europe’s problems, which seem quite severe. “Germany is now in the hot seat. The collapse of a rescue deal for Hypo Real Estate on Saturday threatens a €400bn (£311bn) bankruptcy that nearly matches the Lehman Brothers debacle for sheer scale.” The episode of schadenfreude over America’s “cowboy capitalism” problems was very short-lived, wasn’t it?

Plus this: “The European Central Bank – which raised rates into the teeth of the crisis in July – has played a shockingly destructive role in this enveloping slump. Its growth predictions this year have been, and still are, delusional. Neglecting its global role, it has vastly complicated the fire-fighting efforts of Washington.” And “a wild scramble for dollars” worldwide, suggesting that bad as things are here, investors have less faith in, well, everywhere else. Gulp.

ANOTHER UPDATE: Uh oh.