FT.com has some interesting perspective this morning.
Credit turmoil ‘has hallmarks of bank run’
Bundesbank chief points to dilemma. He tries to downplay the situation, but since when would any central banker ever say there isn't an over-reaction in a potential bank-run situation? Not addressed in the article is the ultimate nightmare situation, a bank run on the Fed itself.
Wolfgang Münchau: Prepare for crisis to spread
Agressive Fed action on house prices foreseen, at least by a few economists.