"Today, the Bank of Canada, the Bank of England, the European Central Bank ( ECB), the Federal Reserve, the Bank of Japan, and the Swiss National Bank are announcing coordinated measures designed to address the continued elevated pressures in U.S. dollar short-term funding markets. These measures, together with other actions taken in the last few days by individual central banks, are designed to improve the liquidity conditions in global financial markets. The central banks continue to work together closely and will take appropriate steps to address the ongoing pressures."

Sounds familiar? This statement was issued by the Fed on September 18, 2008! http://1.usa.gov/t45Ikb

Back then, after this announcement, the market rallied for two days before starting a very bad decline. Will it be different this time? Food for thought....