Today, the Dow Jones dropped by 2.6% (or 360 points), so you'll have the usual talk about volatile markets, and the just as usual dismissals that the Dow is just a few percent off its all time high. But what's happening in the credit markets, and on the balance sheets of the banks is in fact a lot more worrying. In particular, smart players are now focusing on so-called 'Level 3' assets. And they are, there is no other word for it, panicking. Let me take you through it.
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