Spain, and the Insane Banks

The banks are still going down despite the NY Times talk that Spain is all right.

FRANKFURT — With an agreement to bail out Spain’s struggling banks, Europe again avoided financial chaos in a debt crisis that is in its third year. But Europe still faces far bigger challenges that threaten the Continent and with it, the world economy.

The most urgent of those concerns is being driven by events in a country at the other edge of the euro zone: Greece.

While the Spanish banking rescue will be expensive — as much as $125 billion — it will be well within the means of a European emergency fund established for just such purposes. 

What BS!!!!  The Spanish debt hole is about $1 trillion.  Time for Glass-Steagall Act 1933 USA type legislation.  We need a bankruptcy reorganization.