Metaphor of the day

The message is that the Fed's ability to fight this credit-market battle is limited. It can leave financial markets flush with cash. But lenders and investors look reluctant to use the cash because of worries about the bad loans they have already made.

Think of a bicycle with a broken chain. You can use lots of oil to grease the chain, but you can't make the bicycle move again until the chain is repaired. The chain that links borrowers and lenders in the mortgage market looks broken. And it's probably going to take a lot more than the grease of easier money to fix it.--John Hilsenrath