Some economic crisis links (10.8.2008)

Mike Whitney sardonically wrote

The good news is that inflationary pressures have eased. The bad news is everything else.

In response to yesterday's stock market disaster and to the promise of another disaster today, Central banks across the world cut their interest rates this morning, according to a New York Times report. Their joint effort was unique, its success uncertain. Its short-term impact was to create instability on Wall Street, according to another Times' report.

And retail sales are down, according to a third Times' report, an ominous sign for an economy heavily dependent on personal consumption like America's. Also ominous is a Wall Street Journal report which states that one in six American homes are now worth less than the value of the mortgage on the home. Another round of defaults is a likely consequence.