Watching CNBC, a little live-blogging here:
The Dow is plummeting, now hovering around 9765. Flanked by the crisis PR flack (Paul Verbinnen, probably) who helped Martha Stewart, Lehman Brother’s former CEO Fuld is testifying before Congress.
CNBC pundits have gone bonkers. Vicky Ward calls Fuld’s testimony. "Shameless!" "Cluelessness gone crazy,"says another CNBC pundit.
Now our favorite 8-way split screen goes up. It’s the Octopolis!
Says one grizzled analyst: "This is the most enormous crisis financial crisis I’ve ever seen. Retail sales have slowed. We’re going off a cliff."
11:35a Dow now 9624. CNBC: "Everything is broken right now in the stock market."
12:08p. Dow still slinking around 9625. CNBC comforts investors. Bartiromo quotes traders: "Most orderly market crash we’ve ever seen."
12:20p. PIMCO’s El-Erian: "significant lack of counter party trust. trading system comes to gradual, devastating stop."
12:22p. Wayne Kaufman of John Thomas Financial: "We ARE experiencing slo-mo crash. No faith in gov’t. Who has faith in Bernake/Paulson? They’re carpet bombing liquidity. [PIMCO] el-Erian is 100% right. First thing they should have done is quarantee all bank deposits. Period. This is the United States! If ma and pa can’t rely on putting their savings in a bank account…Germans just did that. They need to guarantee hard working Americans that their money is gonna be safe!"
1p. Market rallies. Closes off lows. Experts still pessimistic, say they haven’t seen capituation, true bottom. Idea (rumor?) of Fed coming to the rescue of commercial paper market is now being floated, and talked about at trading desks. This may explain the late rally.
CNBC, Vicky Ward: