In some instances, the price discovery process can break down and buyers and sellers are unable to discover any price at all – perhaps because of a lack of information or because of general uncertainty among market participants. I would suggest that this is fundamentally what has occurred in some financial markets over the past several months.
Such a low interest rate environment coupled with luxuriant supply of liquidity, created enabling environment for excessive leverage and risk taking so much so that American household debt exceeded the country's GDP!