It's collateralized debt obligations, and credit default spreads. That's the shoe that is dropping, and Bank of America, just reminded the market of that this morning by writing down $5.28 billion of CDO's this quarter.
Now we have rumours of a coordinated rate cuts between the US, UK and the Fed. Coordinated? Just cut already.
Now that corn and cotton have opened limit down, maybe the Fed doesn't have to worry about inflation!!
I just can't kind find the words to describe the incompetency of the world's central bankers.