Ernst Stavro Bloviator, Senior Fellow at the IER, issued the following statement:
"Today was a contest to see who would panic loudest, and the Federal Reserve won. Either the Federal Reserve member banks have had a complete collapse in commercial lending, or the FED has gone insane. Either choice is not good for the long-term health of the financial markets. Market activity in commercial credit will be interesting to watch in the next few weeks."
"I am sure that some of the dim bulbs that sell real estate will be chirping about how this solves their problems. My challenge to them is to show the linkage between the Fed Funds Target and mortgages and consumer credit. It isn't there, but they will insist it is."
The IER has reduced the CRASH-CON alert system to CC-2B, and could issue a CC-1 at anytime. People are advised to keep alert for deterioriating fundamentals.
We now return you to the mindlesss speculation and historical ignorance that created this problem in the first place.