The market ignores any attempts to shore up bankruptcy
The Dow is down again today - nearly 8%. This is the second biggest drop since the crash of 1987. This despite the trillions of dollars pumped into the system by central banks all over the First World. What's happening is that the market is trying to work and being frustrated by central bankers and politicians.
What's wrong then? It's quite simple. Nobody believes the value of anyone's books anymore. Most banks in the US are so deep in the red that if they were to open their books tomorrow, they would be immediately liquidated. All the banks know this and so have stopped lending to each other. The problem is that when banks don't lend to each other - or anyone else, the grease in the engine of the US economy is gone and the engine seizes.
This is what's happening right now. By the end of the year, many many businesses in the US will have laid off some of their staff or closed completely. There will be no money to buy food and no fuel to transport goods.
It's going to be a cheerless Christmas for more than a few Americans. On the other hand, when the country collapses into Third-World status, there will be quite a few bargains for the rest of us.