ANTenna Blog -- The rANT

Well, it seems The rANT might have been a bit premature when we hailed last week's global 1 trillion-euro bailout. Today's 733 nosedive in the Dow made it pretty clear that we are not out of the woods yet.

Hit by recession warnings -- and despite the Fed's decision to invest $250 billion in American banks -- the Dow has already given back the lion's share of gains it made after the big European bailout. The rANT wonders if anyone ever spent so much cash so quickly and gotten so little out of it?

Meanwhile, Ben Bernanke, The rANT's favorite whipping boy, admitted today that "Broader economic recovery will not happen right away.” Export sales, a recent strength, are expected to slow, and labor, housing and credit markets will not recover quickly.

On the plus side, oil has fallen below $75 a barrell for the first time in more than year, and that is helping to tame inflation.

And there is some indication of thawing in the credit markets, with the overnight Libor dropping to 2.14% from 2.18% on Tuesday and 5.09% last Thursday.

But the 3-month Libor -- at 2.82% a month ago -- remains sky high at 4.55% -- down from 4.64% on Tuesday. And the all-important TED spread rose to 4.37%.

So, where does thleave us? Frankly, The rANT is running out of answers. But we'll do our best to keep you up to date on the continuing craziness.

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