Markets are very close to their worst levels of the day, as fresh headlines about the downgrade of Fannie and Freddie (which was a totally predictable move) has spurred a brand new round of freaking out.
The NASDAQ is down around 4%.
The S&P is off around 3.5%.
Brazil, which has been one of the worst emerging markets of late, is down 4.8%.
Bank of America is off nearly 10%.