Another bank fails in the UK, this really is a massive clearout. The US cash injection into the markets still is not guaranteed, there is talk of a large fall on the markets next week if it does not materialise.
We could face years of tight credit markets, the financial institutions have done massive harm here and there is a strange expectation of bail out. Those at the bottom of the pile must be thinking it is one rule for them and one rule for the rest.
In some ways this is the sharp correction we all secretly knew was coming, the only ironic thing is that it is such a big correction it is taking the banks that made bad lending decisions with it. Maybe global debt markets were not such a good idea after all.
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