After piddling about for the last two days, markets might actually take a significant direction in the next 48 hours.

This week, the government released the terms of its Capital Assessment Program for banks – also known as the stress test.

DEPRESSION II …The Horror…coming soon to theatres near you! “It’s gone deep. It’s gotten worse,” said the president.

“Yes we can,” as incoming president Barack Obama famously declared in his presidential victory speech. Head down the road to The Capitol and we’ll need to modify that to, “Yes, we might,” as lawmakers in Congress debate an $825 billion economic stimulus package.

Rocked by scandal, Satyam Computer Services Ltd. (ADR: SAY) is embarking on a massive corporate restructuring, but with India’s reputation as an investment destination and world leader in information technology at stake, time is of the essence and the government could be forced to step in with a financial bailout.

Warning that the timing of an economic recovery is “highly uncertain,” Federal Reserve Chairman Ben S. Bernanke said yesterday (Tuesday) that an economic stimulus program might not be enough to do the job. Bernanke went on to say that the government might have to buy or guarantee banks’ toxic assets to revive growth.

As I write to you this week, I am back at my parent’s house in Indiana. I have written before about New Castle and the struggles the town went through back in the ’70s and ’80s. Kind of ironic that I am here when President Bush announces that the automakers are getting a $17 billion bailout.