Carlyle Fund Gets Default Notice After Margin Calls

And this gets seriouser and seriouser, because it looks like this "thing" cannot be contained. More and more people are saying Bernanke ain't ready for prime time. He's an academic, what the hell does anyone expect? Details here.

``Market conditions are the worst anyone in this industry can remember,'' said Alain Grisay, chief executive officer of London-based F&C Asset Management Plc, on a conference call with reporters today. ``I don't think anyone has a recollection of a total disappearance in liquidity. I just cannot remember a time when for six months there are billion of dollars worth of assets out there for which there is just no market.''

To be scrupulously fair, it may be that the FED can't possibly do more. And if you are putting dime one into the market you're crazy.