…certain ominous dates are fast approaching. One is Oct. 23, when the auction will take place to settle the credit-default swaps relating to the Lehman bankruptcy. I saw one estimate that the amount of money firms will owe each other could be as much as $400 billion.

…Twelve years ago, Alan Greenspan invented the term “irrational exuberance.” That era seems tame compared with this one. What is going on in the markets is anything but exuberant — at this point, though, it is undeniably irrational.

A Day (Gasp) Like Any Other
By JOE NOCERA
Published: October 7, 2008
This crisis doesn’t wear you down over time. It hits you over the head with a two-by-four on a daily basis.