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The Panic Of 2008
Posted on September 26, 2008
I try to avoid journalistic hyperbole, and I have disdain for thepundits who have been yelling Panic! for months on end.However, It appears the financial system has finally enteredpanic mode. Interbank lending is actually up a remarkable 12%yr/yr, but has started dipping here in September. Qualityyield spreads at the short end of the market are now well abovewhat one might expect during a recession period that also featuresmild stress on the financial system. Finally, the Fed is starting tocarry over its large liquidity infusions week to week to sustainbanking system liquidity and capital ad...
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