Gee they have all ready started it, just listen to the cry baby bulls, we get several weeks of selling and they run crying to the fed.
They won't likely do anything...the ECB said it best and told everyone to fuck off if they think they are going to pump liquidity in.. But if the owner of the Universe (Hank Paulson) pushes hard enough, we may get that rate cut or 2.. And then goooooodbye Dollar.. See the action today?? wow!
That makes two of us. Fortunately, that very concern is what will keep the Fed from easing rates. As for the big I-Banks facing potential disasters, as reported by the ever-trustworthy CNBC, I'd argue that it's well-deserved. Forget recession, we can all get rich shorting stocks. We'd witness an amazing redistribution of wealth that even the most ardent of socialists would celebrate (despite the creation of a new bourgeois class!).