Because it's the first day that hedge fund redemptions may be done and, also, the Chinese banks that were closed today to celebrate the anniversary of the arrival of Communism.
This from Jon Taplin's blog. Judging from numbers of comments, he may not be widely read but I always learn something new from him.
And, oh, I guess I missed this but a lot of people, Krugman included, seem to believe that Paulson's decision to let Lehman go down triggered the panic mode we're in now.
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