It’s a war-zone out there

More from Felix Salmon, one of my favourite professional financial markets bloggers:

“I don’t think anybody’s capable of holding in their head all the vital information needed to get a grip on things right now — not in the wake of Lehman and Merrill and AIG and the liquidity injection and the TED spread and Morgan Stanley and the money-market funds and counterparty risk in the CDS market and bans on short-selling and WaMu and negative nominal interest rates on T-bills and the oil price and the dollar and why on earth that German bank wired $300 million to a bankrupt bank and on and on and on and on. We’ve been overwhelmed by the complexity of the system, and nobody knows anything.

But hey, at least the stock market rose today.”

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