This is troubling. Even the Fed thinks they’ve made the notion of “too big to fail” worse by their actions in response to the credit crisis. Their moves have been appropriate but still pose risks, say Minneapolis Fed chief Stern. “Too big to fail” is now the number one issue for regulators and lawmakers, he says.
Stocks have broken to new lows as the S&P slumps to trend lows. Only the Dow remains above its Oct 10 low.
EUR/JPY is down to 118.85 from above 121.00 in morning trade in the US.
