GOOD NEWS, BAD NEWS.

Was reading my morning Krugman, and was much comforted to come across a post titled "Don’t panic about the stock market." Great! Then I read the post:

Panic about the credit markets instead. Interest rate on 3-month Treasuries at 0.02%; interest rate on high-yield (junk) bonds over 20%.

This is an economic emergency.

Well, crap.