I saw this article posted on the Chairman’s Deli.cio.us link roll.  It seems it took only 6 to 7 days for the asset backed commercial mortgage paper market to start collapsing.

In normal markets, JPMorgan sells $25 billion of short-term IOUs for clients daily. “Within the span of six or seven business days, every single investor stopped buying asset-backed commercial paper tied to structured investment vehicles,” said John Kodweis, a managing director at the New York bank.  [via Bloomberg]

Quite amazing when you think about it.  No?