A couple of days ago CC put up this chart of the TED spread. Which looked bad.

Exhibit 1: Bad - TED spread at 16 September

But that now has the ring of the 'Good Old Days' about it.

Exhibit 2: Much worse - TED spread at 18 September, a record 3.04 points

And neither element of the TED offers comfort. An understandably frazzled looking John Authers covers yesterday's astounding panic below.

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