Where's JPM Morgan When You Need Him?

You know, back in 1907 when we had a little "panic" it was cool to have good ole JP around to whip lame idiots into shape and get the market up and running.

Who's that guy now? Paulson? Ken Lewis? John Thain?

Nope. Sorry... no savior for you.

I think the biggest part of this story that is missing from the "mainstream media" (MSM) is that this isn't just a "credit crisis" but also a "crisis of confidence" in the leadership.

And not just the leadership on Wall Street, but in the country. It's all linked.

BAC Buys MER for $29 A Share!

That's right.... MER, which closed at $17.05 on Friday, is being purchased by BAC for $29 a share, per the WSJ and CNBC.

Naturally, everyone right now is wondering why BAC didn't just let MER open, trade down to $9, and buy it then.

Clearly, this deal is an attempt to "restore confidence" in the system. But the fact of the matter is, you can't "restore confidence" purely by manipulation.

I wonder how this will all look 6 months from now. I can tell you, a year later, how BAC's 2 billion infusion into CFC when CFC was trading $22 a share looks... not so good.

Capitalism Is Back!

Lehman looks to end its 158 years on Wall Street in infamy. It looks very likely that Lehman will be filing for bankruptcy by midnight tonight.

The dollar is getting smoked. All US futures are indicating down close to 3% at the moment.

Most importantly, it looks like "the Fly" will once again be allowed to bless the "Internets" with vulgarity.