Yes, it's the discount window, but how often does the Fed cut on a Sunday night. They're trying to calm the markets after this Bear deal. The fact that Bear was sold for $2 a share says a whole heck of a lot. Their books must have been *awful*. And if their books are that bad, there are others. And a lot of nervous investors may be trying to pull their cash out.
The Nikkei just opened down 255, their futures were up 130 prior to the Fed and Bear deal announcements......so that's almost a 400 point swing.
Tomorrow could be one hell of a day in the markets. It's really tough to know what to expect, but the downside risk is immense right now.