Just in case you weren’t following along, let me post a roundup of last night’s madcap action.

- $50 billion devoted to propping up money market mutual funds at risk of “breaking the buck” as investors fled to the (supposedly) even safer haven of Treasuries, leaving money funds holding Fannie paper moderately disturbed. Insurance for a fee. Ur dolalrz are saferz now

- Federal Reserve offered to loan even more $ to banks who want to buy the aforementioned paper from the MMMFs

- Morgan Stanley decides it might not be at risk of BK after all. You can haz bailout

- Aforementioned, SEC bans short selling of most all financial stocks. (I assume garnishing my paycheck and sending me shares of C will happen soon.)

You probably saw Paulson, Bernanke, Pelosi etc having a self-congratulatory lovefest last night. Image courtesy RJ @ Procrastinet:

Exactly.