today, the fed took the unnerving step of step of pumping money into the market - three times. the first influx of cash was done in an $19b one hour earlier than it's regular time. then, the fed issued a statement - something not done since 9/11.
For immediate release
The Federal Reserve is providing liquidity to facilitate the orderly functioning of financial markets.
The Federal Reserve will provide reserves as necessary through open market operations to promote trading in the federal funds market at rates close to the Federal Open Market Committee's target rate of 5-1/4 percent. In current circumstances, depository institutions may experience unusual funding needs because of dislocations in money and credit markets. As always, the discount window is available as a source of funding.
it gets worse... click if you have a strong stomach (and bank account)...