Congress's zillion-dollar economic rescue vote last week failed to stop stock markets from tanking, and it's not good out there. "Apparently the markets don't like the bailout passing much more than they liked it not passing," says Government Bytes. The Dow passed 10,000--"in the wrong direction," noted Paul Krugman. A Wall Street Journal report today concludes Investors Succumb to Fears of Recession, but "other than really dumb mofos, does anybody really think the fear of recession is just now impacting the markets?" asks The Big Picture. The credit-crunchy meltdown (now 99 cents at Taco Bell) remains on the menu as banks still won't lend, says Marketwatch.

Banks are hoarding cash, says Mish's Global Economic Trend Analysis. "No lender trusts any borrower to repay, fearing that that borrower won't be able to rely on anyone else to honor obligations," blogs Robert Reich. "Put simply, the Bailout of All Bailouts has been a dud, at least so far." "Was I wrong to support the bailout?," asks Megan McArdle at Asymmetrical Information.

Economist/doomsayer Nouriel Roubini at his RGE Monitor suggests the mother of all bank runs is under way, starting with uninsured deposits. The Fed today began a program to support the commercial paper market, where as Interest Rate Roundup explains --corporations and financial institutions borrow money for short periods of time. Commercial Paper "works like a credit card for big companies," simplifies Consumerist. "Without access to commercial paper, large modern corporations would seize up and die," elaborates Kevin Drum. Is this good? Nobody knows! Just to be safe, Naked Capitalism is ready with some questions and answers about recessions.