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Extra Credit, Monday Edition   The Upside of Falling Bank Stocks
Jul 15 2008 4:37AM EDT

Paulson Bailout Has Very Limited Success

The top headline on the front page of the FT this morning:

US loans rescue passes its first test

The top headline on the front page of FT.com this morning:

US bail-out fails to calm nerves

It's not that things have changed, really; more that it's hard to sum up what's going on right now in just a few words. In a lot of financial journalism, you learn everything you need to know in the headline, and the rest is largely filler. In this case, the opposite is true.

But if I had to choose between the two, I'd say that the website got it more right than the newspaper. If you're a bondholder of Freddie Mac, then maybe you were reassured by Hank Paulson over the weekend. But as far as the financial system more generally is concerned, things are definitely still getting hairier.

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