My sources indicate that the commercial paper market considerably improved today.  As one of my friends noted, it was like the difference between night and day. 

So I think we can be hopeful that the liquidity portion of the credit crunch has subsided for now.

But that still leaves the longer term problems with the mortgage market, the leveraged financing market, and the likely soon the commercial real estate financing as well.  

This all spells considerable increased drag on the economy.  Folks, when the credit dries up, the party is definitely over.  And that is just how the cycles go.