According to the Financial Times (www.ft.com), 3 major European credit underwriters have pulled their backing from the major suppliers of GM and Ford, and last night, Jim Cramer said on his program that GM will fail, along with a number of banks.

If this is the case, then what is waiting in the wings? Paulson, Bernanke and company, have said that certain financial institutions were too big to fail in one breath, while allowing Lehamnn Brothers and others to go under.

It's said that if the Big 3 automakers fail, 4 million people will be affected. No details on how many will be stateside, but that's beside the point. I do know this, though. If we continue on this path of bailing out businesses with extraordinary cash burn rates, our own credit rating as a nation will eventually tank.

If you really want to find out what's going on globally with the downturn in the housing/mortgage market, I encourage you to read the blogs posted on www.lenderimplode.com. Basically, it is a news portal giving you a global perspective on the problem that isn't going away any time soon.