If you have access to Barons, Alan Ableson (he writes the lead column) is quite funny in his gloomy outlook. He is older and I think has a insightful view of things.

Fed seems like they are going nutrial. Inflation vs Credit Stimulis.

Looks like everyone is going for short bearish calls. I think I'm in hanging in that Summer Vacation mode I was talking about till fall.

Great feature artice on Bloomberg about a Bear Fund that is actually saying the dreaded "D" word. Seems to indicate that perhaps we have a 15 year bear market ahead. Pretty crazy.

http://www.bloomberg.com/apps/news?pid= ... qiQmY7BEPc

``We've become a country of drunken sailors'' he says, snapping his fingers as he makes his point. ``If you spend, spend, spend, there are going to be consequences to that -- you can't borrow your way to prosperity.''

You can't borrow your way to prosperity, but the bankers prosper off of you thinking you can.

Rick! Seems you've been gone for a few days.

What have you been up to?

If we break under 12,000 today we are within 500 points of a 52 week low. Looks grim.

There will be deals that will put out there to deal with the institutions that are going under. Countrywide into Citybank and Bear Sterns into Chase has to do with the amount of the loan paper those banks are manageing so if the former fails the bank will go under. By restructuing they are able to disguise the problem. (I believe you already pointed this out). This will continue.

As well I think there are new banking laws that allow the buyer to reject agreements made by the company that is bought. If one bank buys out another it imediately can restructure the returns on its CD style contracts.