Credit clog. Again. Credit clog. The banks, the bankers, the investors, the traders, all these people and institutions have gotten themselves into a state of distrust. They don’t trust each other. They don’t trust their counterparty. They don’t trust themselves, the rating agencies. They are clogged with doubt. They will not credit each other. Why should we trust them, when they don’t trust themselves. They, at least their acolytes, don’t trust the government to solve anything. So what has happened is an embolism. Symbolic embolism. The perfect market economy can not function, because it doesn’t know the price. Doesn’t know how much deception has been deployed. And oddly, the Hill can not save them from themselves. Keynes once wag’d that wall street was necessary, otherwise they would wander the street stealing from women and children’s funds. This isn’t a matter of fear, it is a matter of trust. We no longer trust. If you were wiser, perhaps you never would have.