Rescue sidesteps economic 'black hole'

Commentary: Credit is the only cure

Four weeks ago yesterday marked the turning point in the Great Run of ’08: after the Lehman disaster the White House and Congress vowed to intervene as necessary.

Last Monday afternoon marked the fact of effective intervention, with authorities for the first time moving ahead of the crisis. The Treasury summoned the CEOs of the nine largest bank-survivors and broke the capital shortage by involuntary injection — an event and scene without American precedent.