First, the US vs. the EU. I might question the bailout bill but I do recognise that the US as a sovereign country has a capability of rapid response as it deems to be necessary. In the EU, financial regulations are imposed from Brussels and it might take years to change them. Meanwhile, member states are starting to breach the EU rules up to treaties to deal with the issue, Ireland, Greece, Denmark and Germany moving to guarantee savings in banks. The Central has a dilemma: either to enforce the EU rule and be responsible for eventual financial meltdown or keep silence while Your rules are flushed down hoping for "beneficial crisis" and resumption of power concentration later. In extremis, the present troubles might turn out a make-or-break for the EU. In any case, Europe is likely to suffer worse due to cumbersome regulation process of the EU.
Second, socialism vs. capitalism. On October 28, 1929, Dow Jones Industrial Average dropped by 12.8%, marking a start to the Great Depression. On October 19, 1987, Dow Jones Industrial Average dropped by 22.6%. Why another Great Depression didn't set in? To the large extent, different responses brought different outcomes. Reagan's capitalist policies ensured that mere another DJIA record was set, sweeping socialism of Hoover and Roosevelt blew medium crash into the Great Depression. This is why I'm rather cautious on that pork-laden bailout bill (aka relief for wooden arrows industry) and government intervention in general. As old chap Ronie said: "Government is not the solution to our problem. Government is the problem."
In a month, we'll see who will steer America for the next years. Right now, bets are 2:1 in Obama's favour. And I'm concerned he's not to be Reagan-like. As a side note, the EU actions are even more likely to be on socialist side further darkening European prospects. As proverb goes, when America sneeze, Europe gets a fever.
Well, we live in interesting times indeed.