Crisis? What Crisis?, originally uploaded by miguel valle de figueiredo

Both the TED Spread and LIBOR, lending rates banks are willing to lend money to one another which illustrates measures of risk, are off the charts today. The TED Spread is at 3.81% and LIBOR is at 5.33%. AND California is seeking $7 billion in emergency loans because they can’t secure cheap short-term credit. AND new jobless report came out showing 159,000 new jobless, lucky duckies.
Right now as of 1121 EST the markets are up, probably in the hope that the House will pass the bailout bill. Right now there are two Democrats and two Republicans who have switched from “nay” to “aye,” the previous bill only needed 12 votes to pass. I would look for both sides of the aisle to flip 6 each to “aye.” If you want a play-by-play, this Daily Kos thread is useful.
If the House Republicans continue to play chicken with the economy, then Monday’s losses will be just the beginning.