What's changed...........?

2nd quarter earnings aren't taking us down. Oil isn't taking us down. Rates aren't taking us down.

Sellers are taking us down. Lots and lots of sellers. And far fewer buyers at the price levels of current offerings.

The Bear management team tonight must wish they never heard of an in-house hedge fund or sub-prime. To have the Bear Stearns CFO calling this the nastiest 22 year debacle he has ever seen is noteworthy. Apparently the market is agreeing with him.

I guess Bear never ponied up the $3,000,000,000 to bail out one of their hedge funds. So now, the lawyers will do their best to recoup from the deep pockets of Bear shareholders. I thought you had to be smart and rich to invest in hedge funds and run them? They all want the upside in great markets and none of the carnage on the way down. Sounds like par.