down 15 percent in nyc, page-9

Political brinkmanship is being played out in the US congress. Perhaps members there don't appreciate the magnitude of what is happening.

This is not about teaching greedy banks a lesson, punishing Wall St excesses etc, letting weak players fall over.

Because it extends to everyone, greedy or prudent.

It is about the fact that bans throughout the WORLD --not just USA -- have ceased lending. Even ones here have had to be given a line of emergency credit by the Fed.

They are all inter-related, they all lend to each other as well as the guy buying a new car, house or plasma tv, and the company investing to build a new production line or seeking to roll over its bebts.

No credit, and EVERYTHING stops.

Innocent people get trampled.

How that can be in anyone's interest, please let me know.

Now I don't know whether the gravity has pierced the consciousness of US law markets. Maybe not.

But each hour that goes by the situation becomes more serious.

Which is why I have no doubt the rescue plan MUST and WILL be passed.