Friday's G7 Plan of Action is quite disappointing. This is the best they could come up with? This makes we wonder why Paulson and Bernanke couldn't just lock the doors (for days and days perhaps) until a real, implementable plan emerges. I guess they don't have as much power as Mr. Morgan did in the days before the Fed.
The need for a dramatically new structure is so obvious. Should we think about closing the markets down for a few days to take a break? Given this weak announcement, unless it is followed by something more dramatic and specific, the markets surely will continue their downward spiral.
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