This article in the Telegraph has an “outsiders” view of the turmoil in the American markets this morning.
“As feared, foreign bond holders have begun to exercise a collective vote of no confidence in the devaluation policies of the US government. The Federal Reserve faces a potential veto of its rescue measures.
Desperate measures: Bernanke and the Federal Reserve need to keep on top of the crisis and continue to intervene if needed
Asian, Mid East and European investors stood aside at last week’s auction of 10-year US Treasury notes. ‘It was a disaster,’ said Ray Attrill from 4castweb. ‘We may be close to the point where the uglier consequences of benign neglect towards the currency are revealed.'”
Read the rest here.
According to a couple of authors I’ve read this morning, Lehman Bros. is also looking like it might go the way of Bear Stearns…