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The US will turn a small profit on the financial support banks, mortgage lenders and car manufacturers received during the financial crisis. So reports the US Treasury. Especially the support for more than 700 banks was profitable. The support for car manufacturers has cost billions of dollars, but the Treasury says it has resulted in 230.000 new jobs. American households have lost $12.3 trillion since the crisis.

Few doubt that US ratings agencies contributed greatly to the global financial crisis. Europe is now worried that the euro could also fall victim to credit downgrades -- and is exploring the possibility of creating its own ratings agency.

Spain risks falling into the same trap as Greece, these investors say, unless it takes more forceful action. It could find itself unable to raise money on the private markets at acceptable interest rates - even though its government debt burden, as a share of the overall economy, is only half what Greece carries.

Concerns €110bn bailout will not be enough. NYSE 200 points lower; FTSE 100 down 2.5%. Spain's stock market falls 5%; Germany 2%.

Imagine a world in which a man who is repeatedly investigated for a string of serious crimes, but never prosecuted, has his slate wiped clean every time the cops fail to make a case. No more Lifetime channel specials where the murderer is unveiled after police stumble upon past intrigues in some old file - "Hey, chief, didja know this guy had two wives die falling down the stairs?" No more burglary sprees cracked when some sharp cop sees the same name pop up in one too many witness statements. This is a different world, one far friendlier to lawbreakers, where even the suspicion of wrongdoing gets wiped from the record.

Here are just some of the sobering facts:-- There are 8.5 million people receiving unemployment insurance and over 40 million receiving food stamps.-- At the current pace of job creation, the economy won't return to full employment until 2018.-- Middle-income jobs are disappearing from the economy. The share of middle-income jobs in the United States has fallen from 52% in 1980 to 42% in 2010.-- Middle-income jobs have been replaced by low-income jobs, which now make up 41% of total employment.-- 17 million Americans with college degrees are doing jobs that require less than the skill levels associated with a bachelor's degree.-- Over the past year, nominal wages grew only 1.7% while all consumer prices, including food and energy, increased by 2.7%.-- Wages and salaries have fallen from 60% of personal income in 1980 to 51% in 2010. Government transfers have risen from 11.7% of personal income in 1980 to 18.4% in 2010, a post-war high.The bottom line is simple says Schwenninger: The middle class is shrinking, which threatens the social composition and stability of the world's biggest economy. "I worry that we're becoming a barbell society - a lot of money wealth and power at the top, increasing hollowness at the center, which I think provides the stability and the heart and soul of the society... and then too many people in fear of falling down."

Europe's common currency fell to a four-year low against the dollar Monday as fears mounted that deep cuts in government spending to combat the region's debt crisis could severely damage Europe's economic recovery.

After a nearly $1 trillion rescue package meant to end Europe's debt crisis once and for all, financial markets took a second look Friday and began to worry about how the plan would actually work and the implications of the drastic austerity measures for the fragile European economies.

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