Reminded me a little of Black Wednesday, this afternoon. It tends to put you off your work when the FT index is heading southwards like Captain Scott and you're wondering which bank will still be there this time next year - and will it include yours ?
An 8% hit on the FT is a lot for one day ... but the Fannie Mae CDS auction doesn't seem to have been too bad. Maybe it'll all bounce back tomorrow. Around 4 pm I was thinking about buying a rotovator, digging a cellar and getting a shotgun license. Have prices of fortified compounds in Montana fallen ?
Silly Season Arrives Early
2 hours ago