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Politics : High Tolerance Plasticity

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To: kodiak_bull who wrote (17036)	10/8/2002 9:30:06 AM
From: jim_p	Read Replies (1) of 23153

Financial Accident Ahead? The financial markets are rioting, warning that policymakers need to reflate more aggressively. Global equity and corporate bond markets are in a crisis mode, as investors are rushing for the exits. Our U.S. financial stress index has surged in the past few months, higher than during the 1998 crunch and on a par with the early 1990s. In 1990, the U.S. savings and loans crisis, combined with the commercial real estate collapse, threatened to undermine the U.S. financial system, necessitating a Fed “bail out”. Banks are again under attack, although the next blow-up may be in some other area which benefited from the late-1990s’ bubble; perhaps mutual funds will suffer a “bank run”. Regardless, market trends, at home and abroad, are signaling growing stress and a global coordinated policy initiative is drawing nearer.

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