by Calculated Risk on 10/09/2008 03:29:00 PM

The Dow Jones Industrial Average is now below 8900 8800 8700.

The S&P 500 is off 40% from the peak of last October.

Krugman says:

Stock prices are, however, the least of our worries. The money markets are frozen; the TED spread is 4.14%. (CR: now 4.23)

G7 meeting tomorrow, IMF-World Bank over the weekend. Now is the time for major action — an announcement of coordinated capital injections, liquidity measures, and more. If we’ve had nothing except vague assurances by Monday ...