First, the biggest news that I personally heard about last night: the Eurozone has decided to do what several of us have been saying, which is to say, insure interbank lending. I'm sure Great Britain and the US are watching the effect closely. Sadly, I don't know any way to watch the EuroBOR, or whatever it's called, for a reaction.
In context news, The Chronicle of Higher Education posts a good article on the Panic of 1873, which the author asserts makes a better model for the current crisis than the Great Depression. That doesn't make the impact any smaller, but what's interesting about it is that it does help explain some of the Fed's actions during the 1930s, and if nothing else, at least the Panic was shorter - four hard years rather than a lost decade.
Stocks are through the roof as we enter the long-delayed bounceback rally that a lot of people are drawing as Wave 4 of 5 (or Wave 4 of 3 depending upon your weird technicals notation). Normally you'd expect this to last a little while before you go into the last long down leg, which would be smaller, typically, then the previous decline. But these are not particularly normal times, so be careful. US banks are closed for the Columbus Day holiday.
Oh, and Iceland is still in a lot of trouble.