2008-11-18 — ml-implode.com
"There are very few words to describe the action in the ABX and CMBX indices since it was made public that TARP would not be used to buy distressed assets. The pictures below are worth 1000 words. Today, Paulson argued that ‘the financial markets are much more stable today than before the TARP’. These pictures argue the opposite. These pictures are as close to Armageddon as the financial markets and possibly system has ever been."
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