FTSE 100 Fall Below Key 6,000 Level

We need worry here. We could be seeing a panic alas 1929 if we are not careful. The problem is that people if high positions don't understand history (witness the Iraq and Vietnam War comparisons). They are motivated by greed and refuse to see the danger signals. The greatest danger is an international market that has become too big, beyond the control of any one government to control. This isn't an American or a British problem. Its a world problem. As a result it is going to require international cooperation. Doesn't sound like that's going to happen...until it's too late, probably:

Britain's top shares sank below a key technical level on Thursday, as the recent sell off that has been largely concentrated in the financial services and metals sectors due to ongoing worries about credit meant that stocks traded lower for the third straight day.

[...]The index - which is now trading lower for the fifth session out of six - hit a low of 5,904.90 in the session, a level not seen since October last year.

The last time the FTSE 100 fell below 6,000 was in March this year.

The declines in the U.K., Europe and Asia came as investors played catch up to some extent with the U.S. on Thursday, after the Dow also failed to keep hold of a key level in the latest U.S. share trading session.

"There's huge uncertainty -- and markets hate uncertainty - about the depth and extent of problems in the loan area," said Lawrence Peterman, investment director at Eden Financial in London.

Don't expect Dubya to help with the "uncertainty" issue.