Japan Crashes 11%, Europe Down, US Futures Confused

For some reason, the US futures are actually up. Elsewhere, the global asset crash continues.  As of 5:30AM ET:

Japan -11%
Hong Kong -5%
Taiwan -5%
FTSE: -3%

At this point, US futures are up modestly. Good market roundup here.

Oil down to $71, less than half of peak. LIBOR down 3 basis points, a step in the right direction but again a puny one.

* Credit Suisse and UBS bailed out ($14 billion)
* McCain crashes to new low after angry debate
* FDIC head Bair rips bailout for not rescuing consumers
* Highland and Citadel hedge funds in trouble

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