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Financial markets are reacting seemingly overnight to the jarring end of an era of easy money, when higher-risk borrowers enjoyed nearly unfettered access to huge sums at low interest rates. The market for subprime mortgages, to people with less than perfect credit histories, cracked first and remains the most seriously impaired, but other types of credit such as corporate junk bonds and mortgages backing commercial property are also under duress.

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2. So far, the central bankers' strategy of rapid, severe intervention shows signs of working. Earlier yesterday, European stock markets posted losses of as much as 3 percent, and it appeared US markets would follow suit when the Dow Jones industrial average began the day with a 212-point decline. But as the Fed pumped money into the US system through the day, stocks began to rally, and the Dow finished the day down just 31.14 points, at 13,239.54. Despite the tremendous, sudden investor anxiety and wild market gyrations and losses, the Dow actually ended the week up -- just barely -- with a 0.4-percent gain.
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"Within the stock market there has been massive dislocation, and the Fed provided everyone a little room to unwind," said Kevin Cronin, chief investment officer at Putnam Investments in Boston. If lenders had been unable to continue providing credit, he said, then interest rates would have exploded, potentially leading to a widespread reduction in economic activity.

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The Fed "wanted to let the air out of the balloon," Cronin said.

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