Bottom to Housing Market Not Yet Visible, IMF Says - WSJ.com

"As economies slow, credit deterioration is widening and deepening, and as banks deleverage and rebuild capital, lending is beginning to be squeezed, restricting household spending and clouding the outlook for the real economy,"

...

The fund urged U.S. authorities to examine further the business model of Fannie and Freddie "when conditions stabilize."

Fed Minutes Reflect Worries About Downturn - WSJ.com

Fed Minutes Reflect Worries About Downturn - WSJ.com: "Fed Chairman Ben Bernanke, in testimony before Congress last week, said the economy could slip into recession in the first half. Minutes show that downbeat view was broadly held. Officials discussed evidence of one of their greatest concerns: an 'adverse feedback loop' in which restricted credit availability worsens the economic outlook and then tightens credit conditions further."

Fed Races to Rescue Bear Stearns In Bid to Steady Financial System - WSJ.com

"The lifeline gives Bear access to cash for an initial period of 28 days. J.P. Morgan will borrow the money from the Fed and relend it to Bear. Exact terms weren't disclosed, but the amount is limited only by how much collateral Bear can provide, Fed officials said.

The Fed, not J.P. Morgan, is bearing the risk of the loan. It is the first time since the Great Depression that the Fed has lent in this fashion to any entity other than a bank."

Markets rattled by signs of renewed credit crisis - International Herald Tribune

"In response, the U.S. Federal Reserve Board unveiled new measures to ease liquidity strains Friday, injecting $200 billion into the banking system, and said it was in close consultation with central bank counterparts.

However, the Fed failed to lift the mood much. Investors, who want to see if any further plan is in the works to prevent a financial market seizure, will probably scrutinize words from major central bankers including Fed officials this week."

New-Homes Sales Hit 12-Year Low - WSJ.com

"Year-to-year, new-home sales were 41% lower than the level in December 2006.

'There is no sign of a bottom in any of these data,' said Ian Shepherdson, chief U.S. economist for High Frequency Economics. 'We think the downside for activity and prices remains considerable.'"

The last time I heard a similar phrase was from an investment banker talking to the Viant employee's just before going public during the first dot.com boom.