While you were sleeping

Developed nations are no more immune to banking crises than developing nations.

[W]hile many now-advanced economies have graduated from a history of serial default on sovereign debt, or very high inflation (above 20 percent), graduation from banking crises has proven, so far, virtually impossible. Indeed, despite dramatic differences in recent sovereign default performance, the incidence of banking crises is about the same for advanced economies as for emerging markets. It also should be noted that as financial markets have developed in the smaller, poorer economies, the frequency of banking crises has increased.

…on average here are no significant differences in either the incidence or number of banking crises between advanced and emerging economies—banking crises are an equal opportunity menace.

[I]nadequate regulation and lack of supervision at the time of the liberalization may play a key role in explaining why deregulation and banking crises are so closely entwined. Again, this is a theme across developed countries and emerging markets alike.

Hugo Chavez cuts off funding for poor Americans to focus on domestic discontent.

CalculatedRisk points out that CRE has a long way to fall before hitting bottom (good charts too).