Not yet, the economy is staying above water. Toward the future, here is a very good list of credit market indicators to follow. A lot of the credit markets reopen tomorrow. Felix Salmon is optimistic. But in Iceland shoppers are emptying the shelves because it is hard to import food. Kashkari says the Treasury will invest only in healthy banks; of course recapitalization makes the most sense for unhealthy banks. One way to try to figure out what is happening is to work backwards from the lies but that can end up being very misleading.