U.S. stocks tumbled as bank lending seized up in the wake of the government’s takeover of American International Group Inc., raising concern that more of the nation’s biggest financial companies will fail.
OK, so last night’s bright idea isn’t working out so well. (I’m shocked–shocked I tell you. Nationalize the largest insurer in the US and you can’t see that the markets may not take it so well?) So, Fed governors, do you have Plan B? Or should we just start the bank runs now?