A Quick Recap: The Day The Credit Died

by Morgan on August 3, 2007

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Dear readers – what a day. I wish I could recap everything that happened, and I might get to it this weekend; if I try now I will have been working or on the phone or responding to email or writing for the last 13 hours straight and my wife will kill me – literally. So here is a quick recap:

A commenter correctly said that NovaStar was not the only one that ceased funding today; many other lenders did as well. Here is a quick summary of those that I know who temporarily (unless otherwise noted) pulled the lending plug today:

And to cap it all of Cramer melts down on air on CNBC; so much so that the network needs to throw up a disclaimer or as a new friend called it DisCramer.


Get that guy a single malt scotch ASAP!

What a Friday. So now the question becomes – Will the Fed cut rates on Tuesday to calm the credit market? What are your thoughts? I have my own but I’ll save them for later.

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