1.) If the Feds have bailed out Fannie May and Freddie Mac that means that the Federal Government is the owner of millions of homes that have been foreclosed on. Those homes are no longer private property but belong to the State. This for all of you who didn’t think that the State didn’t already own enough public property. I guess the good news in this is that the new owners of all those homes don’t have to worry about going through the hassle of eminent domain procedures.

2.) Former Federal Reserve Chief Alan Greenspan whose policies have brought us to this place on the edge of disaster recently said, “This crisis is different; a once or twice in a century event deeply rooted in fears of insolvency of major financial institutions.

Jeepers Alan, you think that those deeply rooted fears of insolvency might be rooted in reality?

3.) The US economy is so intertwined that it is just ridiculous to think that if the whole thing went “Black Friday” that anybody could escape the consequences. This is a case where if the financial institutions go we all go.

4.) For those of you counting of Social Security open your eyes and look around you and see what is happening. Those financial institutions that have finally gone “nipples high” have been operating for some time on smoke and mirrors. Social Security is in exactly the same condition as Fannie Mae and Freddie Mac was. What you’re seeing happening now is merely the appetizer for the main course when it is finally admitted that Social Security is insolvent.

5.) The good news is that the World has an interest in making sure that the US economic system doesn’t go into the tank. It certainly isn’t advantageous for all those countries around the world holding our debt to be told, “Sorry, Charlie.”

6.) Look for one result of this crash to be that US assets will be even more foreign held then they already were. Those Arabs and Chicoms know a good deal when they see one and so will be there to pick up the fire clearance sale on US infrastructure.

7.) Hopefully this is the end to private public co-ventures. The idea that financial risks can be shared by the public while profit can be privatized was just one more example of an attempt to defy reality.

8.) Anybody want to take any bets on whether or not their will be people held responsible for this? In recent history we’ve been given Ivan Boesky, Kenneth Lay, and Michael Milliken as evil capitalists who had to be spanked because of their naughty behavior. Who will be the ones spanked for this naughty behavior?

Answer – Nobody will be held responsible for this meltdown because all of this is of the State’s making and since the State is God, God can’t be held responsible for his actions by mere mortals.

9.) The answer to this is to let the market find its bottom. If we continue to try and prop up this mess the end result will only be more disastrous then it already is. We made a mistake already bailing out Freddie and Fannie. Having sown the wind, we should have let them reap the whirlwind.

10.) When do the bank runs begin? I want to get a good seat for those.