Chicago Board of Trade, originally uploaded by eddymanzano

The Fed just cut rates by .75 in an emergency action today:

The Committee took this action in view of a weakening of the economic outlook and increasing downside risks to growth. While strains in short-term funding markets have eased somewhat, broader financial market conditions have continued to deteriorate and credit has tightened further for some businesses and households. Moreover, incoming information indicates a deepening of the housing contraction as well as some softening in labor markets.

The Fed is expected to cut another .25 off the rate next week at their usual meeting.
Today will be a bloodbath.