War of the Worlds and the Credit Crunch, from Riz Din
The frenzied panic that resulted from Orson Wells' 1938 broadcast of the War of the Worlds is the stuff of legend. But what really happened? Did America really go totally insane with panic for a brief period? This article states that things were nowhere near as crazy as we imagine.
The world economy is in a parlous state, the financial sector even worse, and today's price action is fuel for the fire, but some aspects of the credit crunch may not be quite as bad as the panic prone hype machine as the media suggests, according to economists at the Minneapolis Fed (link ).