More worrying signs

The Federal Reserve cut rates by 0.75 points even before the markets opened in New York in what looks worryingly like a panic move. (At the very least, it will convince the markets that if they scream loudly enough, the Fed will always give them what they want.) Meanwhile, in Britain Harriet Harman has taken it upon herself to reassure us all that we’re not heading into recession.

On a more serious note, it will be interesting to see how the tense relationship between King and Brown and Darling plays out as the Bank of England and the government scramble to respond to this crisis.