Monday, the British government swooped in to boost its stake in troubled Royal Bank of Scotland to almost 70 percent. It's the second major British bank bailout in three months.
Officials on both sides of the Atlantic have failed to contain the most severe credit crisis in decades. Now top officials from 10 Downing Street to 1600 Pennsylvania Avenue are scrambling to figure out how to stop the bleeding. They are trying to find the best way to prod banks into loaning out more money.
Still, figuring out a successful strategy for how to unclog the credit markets is a vexing challenge for Obama when he takes office Tuesday.
(Copyright 2009 by The Associated Press. All Rights Reserved.)