Browsing Yahoo Finance, I seldom came across such big fonts:

Wall Street Meltdown: Lehman Files for Record Bankruptcy, Merrill Lynch is Sold, AIG Seeks Capital

Lehman Brothers 158 years old bank gone Chapter 11, Merrill Lynch sold for pennies and AIG looking for help.   AIG incidentally is the World’s largest insurance company.   As I said earlier, crude oil is past concern, it dropped below $100,  no one is really looking.   The main focus is on finance and the headlines was as bad as bad can be.   I won’t be surprise if this is the hair that breaks th camel’s back.   Wall Street had been quite resilient but there is a limit to everything.   I guess tonight’s the night, known to history as a Black Monday.

To be frank, it is great that the Fed bites the bullet, a little late, a lot of pain but it saves you from more pain later on.   It will be bad for quite sometime but what goes down must come up.   The economy will recover, just that given the long time of excesses, this time it is going to really hurt and will be hurting for a much longer time than normal recession