your disclaimer aside, you got the header dead on "Economic Calmity"

"Once in a Century Event," says Alan Greenspan co-architect of the event.

There's a deep nugget buried in the news overnight.

 While the Federal Reserve and Treasury said NO to Lehman's toxic debt of $600 billion, they have extended the Begging Bowl: The Feds will now take equities as collateral for loans

WOW! in a falling market, the worse yet to come as market entrails shout.

Here's the thing, my niece has a lemonade stand, wonder if she'll be eligible?

Next shoe to drop; reported on Bloomberg - AIG, WaMu and 1,000 banks. FDIC will need a bailout too.

Well, "You can't vote for war and disown the results"

The people believe it: has a poor man ever offered you a job. That trite line is still being recylced and many are accepting it as truth. Dead Reaganomics is still with us, and in the next administration, the rich will do even better.

   This morning we woke up to some very serious and troubling news from Wall Street.

    The situation with Lehman Brothers and other financial institutions is the latest in a wave of crises that are generating enormous uncertainty about the future of our financial markets. This turmoil is a major threat to our economy and its ability to create good-paying jobs and help working Americans pay their bills, save for their future, and make their mortgage payments.

    The challenges facing our financial system today are more evidence that too many folks in Washington and on Wall Street weren't minding the store. Eight years of policies that have shredded consumer protections, loosened oversight and regulation, and encouraged outsized bonuses to CEOs while ignoring middle-class Americans have brought us to the most serious financial crisis since the Great Depression.

    I certainly don't fault Senator McCain for these problems, but I do fault the economic philosophy he subscribes to. It's a philosophy we've had for the last eight years - one that says we should give more and more to those with the most and hope that prosperity trickles down to everyone else. It's a philosophy that says even common-sense regulations are unnecessary and unwise, and one that says we should just stick our heads in the sand and ignore economic problems until they spiral into crises.

    Well now, instead of prosperity trickling down, the pain has trickled up - from the struggles of hardworking Americans on Main Street to the largest firms of Wall Street.

    This country can't afford another four years of this failed philosophy. For years, I have consistently called for modernizing the rules of the road to suit a 21st century market - rules that would protect American investors and consumers. And I've called for policies that grow our economy and our middle-class together. That is the change I am calling for in this campaign, and that is the change I will bring as President.

link

"But I will not let myself be reduced to silence."

I was watching the Today Show this morning. Of course I don't watch to be informed; I watch to see what they will cover. Anyway, one of the first features was of course, the demise of Lehman Bros. and Merrill Lynch. The segment featured Meredith Viera, Jim Cramer and Maria Bartiromo. Though they were trying their best version of Don't Panic! you could see in their clothing--dark, somber clothes for all three of them. They all looked like they were about to attend a funeral.

Make that what you will.

Can't hear ya, Peach!

Capital Punishment: Lehman on its way to the Gallows?

here.....http://www.informationclearinghouse.info/article20765.htm