Here’s a good point from Mish:

The European Central Bank, in an unprecedented response to a sudden demand for cash from banks roiled by the subprime mortgage collapse in the U.S., loaned 94.8 billion euros ($130 billion) to assuage a credit crunch.

…? The ECB said today it provided the largest amount ever in a single so-called “fine-tuning” operation, exceeding the 69.3 billion euros given on Sept. 12, 2001, the day after the terror attacks on New York.

The rest of the article is worth reading and has some good points about what is/may be happening in the big banks and brokerages.? The reaction by the ECB is what one would expect in an emergency, so you can either think that the ECB is panicking out of order, or there is a real emergency somewhere.