The turbulent financial situation isn't all bad. Gas prices are low, housing is becoming more affordable, and consumer confidence is slowly returning.

The Fed chairman defended the agency's response to the financial crisis, saying that the measures were needed to stablized the economy.

The country's status as custodian of the world's wealth is under threat by a global economic upheaval it cannot control and miscues by the banks ... more

The country's status as custodian of the world's wealth is under threat by a global economic upheaval it cannot control and miscues by the banks ... more

But some feel that the global recession might help reverse, or at least slow the trend, as jobs elsewhere freeze up.

Britain and Germany, in particular, should brace themselves for being involved in the banking industry for up to a decade to come.