Overnight Developments

Britain announced a three-part multibillion-dollar bailout for its beleaguered banks, and Spain moved to mount a separate rescue of its own banking sector.

And the Fed is now in the commercial paper business.

Meanwhile...

In Moscow, the Micex index plunged 15.5 percent at the opening and exchange officials suspended trading until Friday.

Japanese stocks plunged 9.4 percent Wednesday, leading the Nikkei 225 to at 9,203.32, the lowest since 2003. It was the biggest single-day loss in the index since October 1987. The selloff followed Tuesday’s drop of more than 3 percent. The index is now down 40 percent in 2008.

Indonesia’s stock exchange halted trading after a morning plunge of 10.4 percent.

Looks like another bumpy day. Anybody have any idea about what to do? If so, post them in the comments section. I will offer some further thoughts later. Gotta go teach now.