Credit markets: an extraordinary outburst

Are the credit markets imploding? This hedge fund manager, Jim Cramer certainly thinks they are. This has to be one of the most compelling television market reports for a long time. Unbalanced, might be one way of describing this performance. It would be funny, if the implications were not so dire. This man is an extremist: he has viciously attacked John Edwards, who has suggested levelling the playing field on taxation, and he is now calling for market participants who have significantly escaped the taxman to be bailed out by the government. In the end, if markets are bailed out, it will be ordinary people who will pay the price for the excessive risk-taking.

Perhaps the markets will stabilise soon. But not on this evidence.