Monday October 6th
Fed Reserve chief Ben Bernanke doubled the cash made available to banks for emergency loans to a whopping $900 billion. Still, the Dow plunged 365 points and closed below 10,000 for the first time since 2004.
Tuesday October 7th
Ben Bernanke, a scholar and authority on the Great Depression, began dropping money from helicopters—if not literally then figuratively. He announced the unprecedented action of lending directly to non-financial companies through the commercial paper market. And on the news major indexes dropped more than 5% to their lowest levels in 5 years.
Wednesday. October 8th
The whole globe responded. In a coordinated move, central banks around the world including the U.S, Britain and China cut their benchmark interest rates. At first it looked as if the historic move would stabilize world markets. But in the final hour of trading the Dow dropped nearly 200 points.
Thursday October 9th
Reports began to swirl that the Treasury might buy stakes in America's banks but the Street questioned whether that’s too little too late after shares of General Motors lost a third of their value in one day. Only 48 hours after closing below 10,000, the Dow plunged below 9,000 on fear that the crisis had spread well beyond the financial sector.
Friday October 10th
Investors anxiously wait for a response from global financial leaders gathered in Washington after we learned that America's banking system is not built solely on money but bonded by trust. And until this trust is restored this awful week on Wall Street may get worse.
The Way Forward
Of course there’s a way out of this miss. The Fast Money traders have some ideas and they follow.
1. Suspend actions of the ratings agencies.
2. Create CDS exchange
3. Determine who needs to step in and buy
4. Close the market?
5. Generate individual circuit breakers
6. Perp walks
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CNBC.com with wires