Sunday, September 21, 2008
Maybe the biggest Wall Street bailout tale
This tale is surely the most sensational of the stories about the terrible things that would happen to the global economy if there hadn't been the sudden and dramatic federal move for a Wall Street bailout. You'll notice from the story that the panic sellers would have included money market funds and institutional accounts. But knowing that dumping their holdings would send the Dow Jones down by 20 percent or more, why would those investors, responsible for so many billions of dollars entrusted to their professional care, put a gun to their and their customers' heads?