More subprime and related news than anyone can handle today, but here are a few interesting sidelights:

Is the situation worse than 1998? Menzie Chinn at Econbrowser believes so:

The spread between the 3 months cash rate and the policy rate in the US, Eurozone and UK has jumped during this period of financial turbulence more than it did on the occasion of the Russian default/LTCM debacle in 1998.

A new (or rather old) measure of market unease - the T-bill/Libor spread, or TED - from Macro Man:

Expressed as a ratio (i.e., the current 3 month LIBOR rate is 1.71 times the 3m T-bill yield), the spread is the widest that Macro Man can find in his data set. So quite clearly, there is indeed panic on the streets of London....and Frankfurt...and New York...and Tokyo.

And Mark Thoma posts Four Views on What the Fed Should Do: go wild, go slightly wild, overhaul regulations or simply let them sink.