If this is a real "liquidity crisis," then the Dow is at 5000.

It's not the end of the world. But the price of risk-bearing has gone up -- to normal levels.

Two weeks after all-time highs, panic-stricken stocks are almost as cheap as they were at the very bottom.

Monetary liquidity is already plentiful, and the normalization of the price of credit risk doesn't threaten growth.

Panic was ignited by Bill Gross and it burned out with Jim Cramer.

Thankfully no pandering to panic-mongers, but rates likely stuck on hold now until 2008.

The current crisis isn't a repeat of Long Term Capital Management, but it rhymes.

The Fed cleverly addressed the needs of beleaguered markets, without launching new helicopter drops of money on the broad economy.

For the Fed, easing the market's pain means not easing policy.