See, the kiddies at Wall and Broad tried to be petulant and stupid yesterday, but once they were put into timeout overnight, things didn’t look so scary.
Right now, it’s like the banks are playing “old maid”, except the old maid is a plague-ridden corpse and you can’t trust your neighbors at all. The economy is by no means safe or fixed or whatever “mission accomplished” euphemism one might apply here. But the sky is absolutely not falling. If the regulators would simply take action to increase transparency (and kill “mark to market“), things might ease up.