The Troubled Assets Relief Program -- TARP -- was the formal name for what we often just call "the bailout." In 2008 Congress allocated $700 billion to stabilize the U.S. financial industry. Congress and President Bush assigned one man to build a team, and police all that spending.

The tiny Mediterranean island nation of Cyprus is formally asking for a bailout from Europe. The country says it needs more than $10 billion from its eurozone partners to avoid default.

If yesterday was all about Greece, today belongs to Spain. Concern about Spanish banks has pushed the government's borrowing costs over 7 percent. That's a level that pushed other smaller European countries -- like Greece -- over the edge.

The stabilizing election result in Greece does not change the reality that banks are on the brink in a number of European countries. And there's hot debate in Europe over just how much the European Central Bank should do to bailout the banks -- a problem we can relate to here in the states.