September 17, 2008

Wall Street Journal: "Worst Crisis Since '30s, With No End Yet in Sight"

The financial crisis that began 13 months ago has entered a new, far more serious phase.

The U.S. financial system resembles a patient in intensive care. The body is trying to fight off a disease that is spreading, and as it does so, the body convulses, settles for a time and then convulses again. The illness seems to be overwhelming the self-healing tendencies of markets. The doctors in charge are resorting to ever-more invasive treatment, and are now experimenting with remedies that have never before been applied.

Original article Here