Russian Stock Market Crashes & U.S. Money Market Rate Doubles as Banks Hoard Cash

At 942 EST the Russian Stock Market was down 11.5%. CNBC was using the term crash to describe the RTS movement over the last two days. The Russian market is heavily dependent on oil. As we all know, Oil has been tumbling with a last quote near $90/barrel.

Another interesting article from bloomberg about banks hoarding cash and interbank lending rates doubling.

I'd recommend keeping your money on the sideline until things settle out with AIG, WM and UBS.