I was surprised that the government didn't step up with a bail-out.... they seem pretty good at that lately.  They refused to let Bear Stearns fail - not sure why Lehman was any different.

I was also shocked to hear that Bank of American is buying Merrill Lynch.  That is going to cause a lot of concern on Wall Street, too, I'm sure.

I think that it just goes to show that our financial markets are in much deeper trouble that we thought.  The Fannie/Freddie take-over isn't going to put an end to the turmoil.

Best,
Robert A. Franco
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