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Ron Insana: Fed should reassure market it's ready to act, as this resembles late '90s foreign markets crises

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There is more to Monday's sharp sell-off than meets the eye.

After 40 years in financial journalism and finance, I've learned two things to be true. First, when everything is being sold – and just about everything is being sold on Monday – someone is in big trouble. Second, when someone is in big trouble, coordinated rate cuts will follow.

Oil prices are also dropping , even as tensions between Israel and Iran continue to rise. This suggests that fears of a financial market problem are greater than those of a widening Middle East war. It is a profound market statement about which risk is greater now. UBS director of floor operations Art Cashin has said about moments like this, "When you can't sell what you own, sell what you can.

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