Today's declines in Asia were even more severe than those yesterday, and several markets hit multiyear lows. Indian shares plunged so quickly -- nearly 11 percent -- that its stock markets halted trading soon after opening. In South Korea, volatile futures prices prompted the main Kospi market to briefly suspend program selling orders at midday. The Australian market suffered its worst one-day fall ever, while Japan's Nikkei fell 5.65 percent to its lowest point since 2005. It is down nearly 18 percent this year.

In Hong Kong, the Hang Seng index was down 8.65 percent today, after dropping 5.49 percent yesterday. It's off 19 percent this year and is 30 percent lower than a peak in late October.

"This is an expression of panic -- really nothing less than panic about prospects for the U.S. economy," said Stephen Green, senior economist with Standard Chartered Bank.

Free-fall. On October 9, 2007, the Dow closed at 14,164.53, it's all time high. This morning, the Dow opened at 11,830.88. That's down 17% in the last 14 weeks. Without this morning's move by the Fed, we probably would have been looking at the same things the overseas markets saw in the past two days, and given the problems in the US economy (the subprime disaster and the credit card crunch just for starters) this is going to get a hell of a lot worse before it gets better.

But don't take my word for it, here's Mort Zuckerman of U.S. News and World Report, "You’ve heard me say here I think we are facing the worst financial crunch and crisis since the Great Depression." The full text of that can be found here. And he's just the tip of the iceberg.

Fed Cuts Key Interest Rate as Asian Markets Drop for Second Day

Since the start of the year, Japan's Nikkei index has declined 13 percent, while Hong Kong's blue-chip index is down more than 14 percent. Even China's Shanghai index _ which nearly doubled last year _ has fallen 6.6 percent over the same period and nearly 20 percent from its all-time closing high on Oct. 16.

As previously noted, 1-800-RUN is now in effect. It's time to party like it's 1929.

Stock Markets Plunge Worldwide - Business on The Huffington Post

Mr. Cheney has not been deposed, and his involvement in the arrest remains uncertain. But one of the three agents assigned to him, Daniel McLaughlin, said in his deposition that Mr. Reichle’s description was backward.

Mr. McLaughlin said Mr. Reichle, who has since been transferred to Guam, asked him in a call several hours after the encounter to say that there had been an assault to bolster justification for the arrest.

The Secret Service has standing offices in Guam? Is getting sent there like the Air Force sending you to McMurdo Station?

Secret Service: Detailed Look at ’06 Turmoil - New York Times

We're told the whole British accent thing -- well, it's more than an accent. Britney has multiple personalities, including, as people in her life call it, "the British girl." We're told when Spears loses the British personality, she has absolutely no idea what she did during the time she assumed that personality.

Well that would explain a bit...

Britney's Multiple Personality Disorder

The second largest U.S. cable operator said it will test consumption-based billing with subscribers in Beaumont, Texas later this year as a part of a strategy to help reduce congestion of its network by a minority of consumers who pay the same monthly fee as light users.

Way to go. Let's take a step back to how things worked 12 years ago. Riiiight.

Time Warner to test Internet billing based on usage - Yahoo! News

THE MIDDLE CLASS JOBS PROTECTION ACT WILL:

1) Slash the corporate tax rate from 35% to 25%, encouraging businesses to create jobs.

2) Provide for a 50% bonus depreciation for 2008 and 2009.

3) Allow for section 179 expensing for '08-'09 of up to $250,000 for purchases up to a $1 M

4) Allow a 5 year carry back of Net Operating Loss.

5) Allow for extension of carry back period for Business Tax Credits for 3 years.

Wow. And this protects jobs how? Or protects the middle class how? Or does anything other than bail out big businesses how? Correct me if I'm wrong, but aren't we watching business after business give their CEOs huge buyouts when they get rid of them? Didn't Merrill Lynch just hand their outgoing CEO over $100 million at the same time they've had to write off $25 BILLION in the past six months? Give me a damn break.

Rep. Eric Cantor (R-VA) :: Chief Deputy Whip

Workers' wages failed to keep up with the higher inflation. Average weekly earnings, after adjusting for inflation, dropped by 0.9 percent in 2007, the fourth decline in the past five years. The lagging wage gains are cited as a chief reason many workers have growing anxiety about their economic futures.

We're making less money. This isn't much of a shock to most people, but it sure seems to be to the people making money policy.

Gas, Food Spur Inflation Jump in 2007 - Business on The Huffington Post

His portrait was hung Wednesday at the Smithsonian Institution's National Portrait Gallery in Washington for a six-week showing in what the museum considers an "appropriate place" _ right between the bathrooms near the "America's Presidents" exhibit.

That's brilliant!

Colbert Portrait Hangs at Smithsonian

Rock 'n' roll pioneer Ike Turner's death last month at age 76 was caused by a cocaine overdose

Can't say I'm surprised.

Ike Turner's death tied to cocaine - Yahoo! News

"But I believe it's a lot easier to change the Constitution than it would be to change the word of the living god. And that's what we need to do -- to amend the Constitution so it's in God's standards rather than try to change God's standards so it lines up with some contemporary view."

That BOOM! sound you just heard were the odds on Huckabee winning in November. Primary? Who knows. General election? Goooood luck!

The Raw Story | Huckabee: Amend Constitution to be in 'God's standards'