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New York - Wall Street began to further its losses again on Friday after the Federal Reserve said it would for the third time inject liquidity into the banking system.The afternoon move perhaps raised the notion that troubles in the credit market are worse than perceived.The chaos on Wall Street spilled over onto the JSE which lost 1 132 points - more than 4% - submerging the local bourse in a bloodbath.South African financials lost as much as 4.44% while banks were 5.46% lower.The stock market, which has been gyrating for weeks over fears that credit is drying up, had pared its losses after the Fed's second injection of cash and following morning comments from the central bank that it would do all it can to "facilitate the orderly functioning of financial markets".The day's declines and continued volatility, however, showed the depths of fear that have investors yanking money out of stocks.The Fed added $19bn in liquidity to the market Friday morning, then another $16bn and, in mid-afternoon, $3bn.Federal Reserve policy makers "are trying to do everything they can short of cutting the federal funds rate" to try to calm the markets, said Ed Yardeni, president of Yardeni Research in Great Neck, New York.To read more go to:
As in the days of Noah...
