Per Paul Krugman:
Stock prices are, however, the least of our worries. The money markets are frozen; the TED spread is 4.14%.
G7 meeting tomorrow, IMF-World Bank over the weekend. Now is the time for major action — an announcement of coordinated capital injections, liquidity measures, and more. If we’ve had nothing except vague assurances by Monday ….
I'd have to agree. Equity market crashes are painful. No credit market = no global economy.
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