Here is a synopsis of what Ron Insana said.
I amgoing to go way out on a limb here Maria. I think this credit crisis isviral and it's spreading quickly in all corners of the credit markets.
Wetalked earlier this week about auction rates on municipal bonds wherewe are having some failures on auctions taking place with banksunwilling to take the overflow when investors don't buy. We are goingto have another crisis in munis beyond the bond auction issue.
Ithink ultimately when it's all said and done, the Fed is going to haveto be the bank of Japan and go to zero interest rate policy to reflateour way out of this thing.
This is far bigger, far moremisunderstood, than anybody knows. This is a real crisis of historicproportions and still no one is paying full attention. In the immortalwords of Casey Stengel "Don't nobody here know how to play this game?"
When Kudlow said "I disagree" Insana chimed in "What a shock!"
What'scoming (according to Mish) is Deflation American Style. Interest ratesare headed far lower and will stay there far longer than nearlyeveryone thinks.
