By Bloomberg's estimate, global stocks have lost about $2.8 trillion this week. This trader delivered as clear and succinct an analysis as I've yet read:

"It's ugly," said Michael Mullaney, a Boston-based money manager for Fiduciary Trust Co., which oversees $10 billion in stocks and bonds. "It's about the worst I've seen it in 25 years. You have to have free-flowing credit to lubricate the system. That's not happening right now."

categories: Wall Street

3:05 - September 17, 2008