Breaking: The Fed called its primary dealers to NY for emergency meet.

Shit Just Got Real: Primary Dealers Called To New York Fed For Emergency Noon Meeting (Posted at Zero Hedge)  The Fed acts through the Primary Dealers, not directly in the market.  h/t Ian Nunn
Update:  Maybe smoke but no fire at all.

Added, also from Zero Hedge:  "As Gartman put it, in three days everyone will have more cash than the US Treasury".