Straws

I'm listening to talk about the coordinated rate cuts, ongoing bailouts, etc. People are speculating whether or when these actions will help. Very little of what I've heard or read addresses what seems to be at the heart of getting credit flowing - whether or not my organization knows what our true assets are worth, why would we extend anything to yours, not knowing what yours are worth either?

That seems to be at the heart of the Fed going straight to dealing commercial paper - eliminate the middlemen, because the middlemen have essentially eliminated themselves. This seems like the ultimate race to the bottom. But no one knows where the bottom is.

It is kind of an interesting time, as long as the basic supply chains remain functional. Huh.