It sounds like the title for a movie but the tremors in the US (and wider) sub-prime market could become something very nasty.
During the last few days a number of my fellow attendees have been checking market updates every hour or so. Lots of directors of banks and other financial institutions, so when these guys look a bit worried, you know it is time to start taking notice.
Brian Fallow has a story in the Herald on some of what is happening.
Also a cause for nervousness is the fact central banks have had to inject US$323 billion into the money markets over the last 48 hours. And yes that is billion – around three times the entire GDP of NZ.
It sounds like this episode won’t go pear shaped, but nothing is for certain. People are waiting for the US to open again on Monday morning.