The Europeans seem to have woken up to the fact that their banks have
1. plenty of bad US mortgage securities on the books
2. worse accounting and transparency than US banks
3. their own housing bubbles to deal with in the UK, Spain, ...
and that their governments are even further behind the curve than ours.
Markets are down everywhere and people close to the action are ranting about the apocalypse.
To make us all feel better, here's a graph of long run US economic growth (via Tyler Cowen).
