Has to be the quote of the day..
"You're looking at the foundation of a marketplace that has imploded somewhat," from Steve Goldman, an analyst at Weeden & Co.
The European Central Bank.. the ECB.. has pumped some 95 billion Euros into the Eurozone, to put some fears to rest.. stop a run on the banks, so to speak..
The US Federal Reserve has repotedly done something along the same lines in the States.. putting something close to $24 billion American into the system..
And, taking this credit crunch to it's logical conclusion, it could mean we're heading into a recession..
A tad more than a 'market correction'..
The declines in the US markets came despite attempts by George to calm market fears.
Speaking after a meeting with his top economic advisers, he acknowledged there had been "disquiet" on Wall Street over the housing slump.
Perhaps he's learning the art of understatement through his increasing relationship with this country's leaders..
But, says George, he believed the markets were set for a "soft landing". that he expected the markets to focus increasingly on the underlying health of the global economy and robust US prospects..
Just what those prostects are, was not elaborated upon..
"The underpinnings of our economy are strong," he said, adding that second-quarter growth had been strong, while both inflation and unemployment remained low.
Low, but higher unemployment figures..
Strong, but less than predicted growth levels..
This credit economy, from personal mortgages to corporate merger financing, is beginning to teeter..