Well, we have had another day of heavy losses on the financial markets, with various central banks piling in the overnight lending market to keep the banking sector afloat.
However, despite early heavy losses on the Dow Jones index it recovered to finish only 31.14 points down. However it did take 3 interventions from the US Federal Reserve and some heavy hints that it won't let banks go down that did it.
Ultimately what has happened is the bursting of a speculative boom based on takeover hopes that overvalued shares by up to 10%. Now there is unlikely to be the credit to fund that, shares have returned to the level they should have been at.
Good.
Now all we need is for the banks to behave sensibly, and we won't have a problem.
The BBC has this, whilst the FT has this.
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