Well, we are seeing the 9th straight drop in monthly non-farm employment rolls (click on graphs for pretty pictures).

I find The U6 graph that I swiped from Paul Krugman to be particularly interesting.

Let’s just call it; we are in a recession.

I would also note that the credit flows have nearly shut down worldwide, which is why the Federal Reserve lending window is seeing record use from banks.

BTW, it ain’t just the Fed which is throwing money, particularly US Dollars, out the windows, it’s all of the central banks.

The obvious big news is the House passing the Wall Street bail-out, and I’m as yet unsure how the markets are reacting to this.

Oil is down down, which could either imply confidence in the US economy, or the belief that a recession is inevitable, and the dollar is mixed.