The only explanation I can come up with is that they're in at the deep end in a way they weren't expecting. It's happened to more grizzled operators than any of us – look at the family Murdoch right now – but as long as they give the impression of either not caring, or of flailing wildly, then confidence in their marketplace is going to keep dropping.

Marketplaces live on liquidity, and lack of confidence kills liquidity, so it's existential crisis time.