I just wrote a post about the Mother of All Bailouts above.

This is quite shocking to say the least. The government has basically nationalized the financial services industry.

Also they might ban short selling. If so we haven't begun to see what real volatility means. Expect 5% up/down days to be the norm.

And in laws of unintended consequences it'd ruin most hedge funds and derivatives markets and eventually lead to an extreme crash.

Kind of a non sequiter I suppose, then again I imagine we could all use a laugh.

If so this leg is basically done and things should calm down a while…especially if there is a bailout of Wamu. Then it'll be a few months before JP Morgan, Citi and Bank of America are on the brink (trust me, they will be) best case scenario or the US Government worst case scenario (it's a possibility, especially if they start buying all this bad debt).

I'd side, if anything, with the pessimists on lefty talk radio (transparently pursuing their political agendas, which conservative talk radio nevvvvvvv-errrrrrrrrr does, of course), such as the guys on the Thom Hartmann Program (you know I've been listening to it) that say this is maybe halfway from overwith, going downward, that is.