So the Fed comes to the rescue of Fannie and Freddie.

Not incidentally, on the same day George Bush lifts the moratorium on offshore drilling that his father put in place nearly two decades ago.

This was a double-barreled effort to jump start the markets... and what came out of both barrels was not a bullish blast, but a pfft of lame duck impotence.

The bag of tricks is now empty. Let's recap with a simple mathematical formula that I stumbled across:

The airlines are bankrupt +
The auto industry is bankrupt +
The banks are bankrupt +
The construction industry is bankrupt +
The government is bankrupt (x7) +
Homeowners are bankrupt +
Retail is bankrupt
= the Country is bankrupt

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