Thursday is D-Day

Forget the stock market gyrations. Forget Bernanke and Paulson’s ineffective, unconstitutional schemes.Thursday’s auction for Lehman’s credit default swaps (CDS) is much more important.Why?Well, if banks are reassured by the CDS auction, it could do more to free up frozen capital than all of the Fed and Treasury’s ill-conceived plans put together.As Bill Gross, [...] continue reading world news