Paul Volcker, our great Federal Reserve Board Chairman, saw all this and single handedly created a bone chilling recession for the country.

FORBES: As The Country Goes, So Goes General Motors?

Spain's fragility is one you know well: the leg bone of an economy in a recession estimated to last two years is connected to the knee bone of undercapitalised banks is connected to the thigh bone of regions with debts they can't repay is connected to the hip bone of a government which cannot borrow at affordable rates.

BBC: Spain moves nearer to full-scale rescue