It’s ebullient here. Was just walking through Georgetown which is crowded with happy revelers but if you’ve looked at the markets you know the Dow is off about 4 percent at 3:30 and even if it were to recover, it’s shows how much deep despair there is about the banking system despite the cappucino, Red Bull and amphetamines that have been applied to the system. A few weeks ago, Bank of America, with its takeover of Merrill Lynch looked like one of the few stable survivors, along with JP Morgan Chase, of this era. Now the Charlotte-based behemoth is in free fall, down nearly 25 percent this afternoon.
This is a companion discussion topic for the original entry at https://talkingpointsmemo.com/?p=146877