Yesterday's comments left it unclear when, or whether, the federal government will pay the full cost of guarding against the next big storm.

NPR: Cost of Levee Repairs Rises in New Orleans

This is beneficial in guarding against a full-scale banking crisis, but it is not sufficient to secure levels of new bank lending to productive customers that is necessary given the European slump.

FORBES: To Save Itself, Europe Must Adopt Economic Growth Strategies