"European shares were still sharply down by midday on Monday as the financial sector crisis deepened, forcing governments to rescue large banks and protect ordinary depositors. Investors ignored a $700 billion package to rescue the U.S. financial sector, passed by the U.S. House of Representatives on its second try on Friday and signed into law by President George Bush. The FTSEurofirst 300 index of leading European shares was down 5.3 percent at 1,031.85 points, with just two gainers among its 312 stocks. The benchmark is down more than 30 percent so far this year." Three more European governments offered bank deposit guarantees, as regulators from Washington to Seoul scrambled to contain the deepest financial crisis in 80 years. Euro Shares Nosedive 5% - Market Overview * Europe * News * Story - CNBC.com Bail outs do not work, never have, never will. Free market capitalism has to wash the bad debts and bad companies out of the system.
