Credit Crisis Flashbacks

“If we don’t do this,” Mr. Bernanke said, according to several participants, “we may not have an economy on Monday.”

clipped from www.nytimes.com “Panic can cause a prudent person to do rational things that can contribute to the failure of an institution.” — William A. Ackman of the hedge fund Pershing Square Capital Management. Panic was spreading on two of the scariest days ever in financial markets, and the biggest investors — not small investors — were panicking the most. Nobody was sure how much damage it would cause before it ended.