Bloomberg has a detailed account of how the bond insurers have failed in their responsibilities and are thereby the cause of the current "crises." Warren Buffet and his Berkshire Hathaway group are stepping into the breach in a usual capitalist manner, but he will not be able to "save" shitty loans from defaulting.

Many Analysts are now saying that the Fed action is one that will help stock speculators and only stock speculators. The only reason for the cut was to appease stock brokers and their clients and that the Fed has no business doing that. "Pushing on a string" seems to be a very loud opinion this AM.

"It's a sad testament to think the Fed has to cut interest rates eight days in front of a meeting to salvage the equity markets. The U.S. economy is in a rather sad state of affairs in that it depends on housing and stock prices to keep going.''

WSJ article is linked over at The Big Picture.Market will open 184 pts down.