Let's call the whole thing off

Okay, I give up, I can’t be funny about the credit crunch any more. Just this weekend:

Fortis - which was on top of the world just a year ago, part of the team that paid a stupendous 70 billion euros for ABN Amro - has been sold, apparently to BNP. (Ed note: in five years, the ABN Amro takeover will be regarded as the AOL/Time Warner of the financials bubble - the massively overpriced super-transaction that marks the peak of the bubble. You heard it here first.)

Hypo Real Estate has disclosed another hundred-billion-euro hole in its accounts, scuttling the German government’s bailout deal, and forcing Hypo to double the size of its bailout package.

Oh, by the way, Iceland’s banking system is broken and there’s a run on the krona.

So the liquidity crisis is now taking Europe by storm, after demolishing Lehmans, Wachovia, WaMu, Merrills, and AIG. Does this mean it’s headed for Asia next?