Wide spread panic is hammering markets as credit availability begins to seize up. Spreads in US markets are widening and interbank lending is dwindling, a revival of the scary situation experience for months after Lehman failed.
A timid ECB is being blamed as Trichet unveiled nothing new today to try and calm jittery markets. Those jitters have turned into a seizure, which will require a larger dose of medicine to cure than a small dose early might have. Europe never learns.
S&P futures are down more than 50 pints and the euro is near 1.2600, seemingly finding support from some outside force,
