(since expanded to include numerous non-G5 banks), many wondered why the Fed withheld the one instrument considered critical in restoring market stability, preventing the commercial paper market from seizing up and preventing mutual fund runs, namely a commercial paper backstop facility. Then, just 48 hours later, the Fed did just that as stocks continue to plunge, and even though the Fed has since unveiled even more Lehman-era anti crisis measures, it has now become apparent that merely redoing what the Fed did in 2008 won't be enough. Trying to one-up itself, and reverse the market panic, on Friday morning the Fed also announced a municipal bond bailout by including munis to the MMLF, yet even that was not sufficient to prevent stocks from crashing on quad-witching Friday.

So here we are late on Sunday night, with S&P futures just shy of limit down, waiting for Congress to pass a massive multi-trillion bailout legislation with Democrats and Republicans putting on a good show of sticking to their ideological talking points and roadblocking the bill's passage even though everyone knows it will pass, the only question is how much more pain will markets take before this too shall pass.