Imagine if the Feds had not offered another bailout , this time to Fannie and Freddie – what the stock market would look like today. To be sure, the latest bailout is another signal that the financial system continues on a course of disaster, and that a lender of last resort will only be founnd in the government. Not surprisingly the market is not impressed, but imagine if all that was available this morning was the news of a bank failure and possible runs on other banks. This is wild stuff folks. Much worse than even I anticipated. Perhaps, the best place to put any money you have left is in your mattress, in the house that you can’t sell!!