Yves Smith of Naked Capitalism submits:
I was planning to pen a nice meaty piece on what the Fed should do, and now they have gone ahead and done it, which means I have to write something very substantive. I will get to that later, but in the meantime, here is a roundup of some good posts:
Cassandra depicts the credit crunch as a horror movie, with the audience wondering whether another reel is coming.
Russ Winter fulminates that throwing cash at Ponzi finance won’t prevent the inevitable day of reckoning.
Long or Short Capital is predictably irreverent.
And not as predictably, so is Minyanville.
And the serious types weigh in too:
FT Alphaville quotes analysts who, on the whole, are not impressed.
Andrew Russ Sorkin at the New York Times’ Dealbook wonders whether the Fed blinked.