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The stock market yesterday suffered its biggest one-day fall since the crash of October 1987, but that record is unlikely to last very long. Volumes of shares traded are low because most people are cowering under the sheets waiting for the thunder to cease. A shortage of natural buyers and sellers makes things even more volatile than they would otherwise be at a time when there is much to be volatile about. Hopes of an early return to stability are undermined because at the very point when markets are crying out for a co-ordinated political response that will get ahead of developments in the financial meltdown rather than reacting to them, we are heading into a political vacuum. Just at the point when the US administration is beginning to show a bit of backbone, its time is running out. The US election is just a month away... [read full story]
