As America's banks announce multi-billion dollar losses as a result of their (what shall we say?) incautious excursions into the sub-prime mortgage market, the New York Stock Exchange this week is nervous as a kitten.
Stocks wobbled on Monday and there are fears that a new cycle has begun from which only the brightest and the best will emerge unscathed.Bloomberg, the financial information giant two-thirds owned by New York mayor Michael J Bloomberg, interpreted events as follows:"
Skittishness over the US stock market's record-setting rally is reaching a crescendo among options traders who are preparing for a crash."
Oh dear. That doesn't sound good. If America is the locomotive that drags the rest of us along the economic track, what happens when the engine disappears up a branch line and hits the buffers?
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