"Lending locks up"

here's a quote to catch your eye...

"...buyers were at one point willing to accept interest rates for Treasury bills of only 0.2 percent, the lowest since World War II..."

front page of the wapo...

Markets in Disarray as Lending Locks Up
Federal Intervention Fails to Stem Crisis of Confidence on Wall St.

The flow of money through critical parts of the financial system all but stopped yesterday, prompting the stock market to plunge again as banks lost faith in one another and investors rushed to U.S. government securities to protect their savings.

Goldman Sachs and Morgan Stanley, the only major investment banks still standing amid the wreckage of Wall Street's old order, tottered.

In one of the most tumultuous days ever for financial markets, the Dow Jones industrial average fell 449 points, or 4 percent, and so much money fled into safe U.S. debt that buyers were at one point willing to accept interest rates for Treasury bills of only 0.2 percent, the lowest since World War II.

we b goin' DOWN...!

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