What the Pros Say: Hogan Calls Bottom

agreed... this is a psychological market crash... but that doesn't change the fact that the crash itself will cause serious damage to the economy.

Agreed, but the solution is easy: guarantee interbank lending.

Yes, I would not be surprised if that were the next step...

"Agreed, but the solution is easy: guarantee interbank lending."

Seriously - how was this not an emergency decree early in the week....when LIBOR didnt move after rate cut, this should have been pulled out right behind it....

While Japan, US (hopefully) and the UK are on board, the Europeans (French) continue to fight it cause "its not impacting them as much"....guys, time to get your head out of the sand...

Well, looks like next week will look like this week.....

G-7 May Not Adopt Loan Guarantee Proposal Today, Official Says

By Simon Kennedy

Oct. 10 (Bloomberg) -- The Group of Seven major nations is unlikely to adopt Britain's proposal to guarantee lending between banks when it meets today, a G-7 official told reporters in Washington.

G-7 finance ministers and central bankers, gathering in Washington today, will pledge to act together to prevent failures, while avoiding specific commitments, the official said on condition of anonymity. The U.K. model won't be embraced today, the person said.

European Union leaders will gather in a summit meeting in Paris Oct. 12 to discuss the crisis, the official also said.

While central banks are doing what they can, there is not much that interest-rate cuts can do until banks start lending to each other, the person said.