If nothing else, the latest events are showing us that Bush's bank bailout strategy was a complete and absolute failure.

First, we had the reports last week of four banks closing in January. The year had barely started. And Obama has warned that no matter how much gets handed out, some banks are going to fail. Which means many more will be closing their doors before the year is out.

Then there is the latest Senior Loan Officer Opinion Survey on Bank Lending Practices showing that two out of three banks have tightened lending standards and demand for loans from business and households have continued to weaken.

The trouble is that corporate greed and insensitivity, like for example Bank of America hosting a mini-carnival outside the Super Bowl make it harder for Congress to support more aid for the banks.

The Obama administration is looking at creating a "bad" bank to soak up the toxic assets but there is one problem with that. How much do they pay? If it's too much, it hurts taxpayers, too little and the banks have to write down assets. And we are talking hundreds of billions of dollars. That strategy could well end up going the way of Bush's bailout bonanza.