Amazing that the first 3 posts talk about something that was nowhere
in Today's Drumbeat.

"financial doomer porn." I'm an addict. Intervention for me?
Do I have to go thru 12 Steps? ;}

Per page 2 of Gail's Reuter's article:

"They (FDIC) also seek to clarify how some deposits swept into a different investment product would be treated."

And they're not alone.

Level III Assets? Marked to Fantasy products.

When we find out the price, the price will be zero.

$692 Trillion (last count from the Fed) turned into a smoking crater.

And there's always Ilargi and Stoneleigh
Deafened by Silence

Ilargi: We’re taking a bit of a break today. The lull before the storm, that sort of idea. It gives the rest of the world a chance to catch up with us, and with what we've been proclaiming for so long. Sometimes we tend to forget it's all still new and unexpected for most people.

The time has come for the cheerleaders to get off the field.

The game is on. And it's over before the opening whistle.

But you must play.

And this from today's Sunday Times
Back to the Great Depression?

Wall Street has had its worst June since 1930. How much worse could the world economy get?
David Smith and Dominic Rushe

When Wall Street slumped on Thursday, in response to the oil price surging above $140 a barrel and renewed fears about the banking system, the alarm bells rang more loudly than usual.

Barring a miraculous recovery tomorrow, the Dow Jones industrial average is heading for its worst June since 1930, when it plunged by almost 18%.

That month is ingrained in the Wall Street psyche. After the crash of October 1929, the stock market continued to slide through the winter. By the spring the worst seemed to be over. Then shares lurched low in June 1930, signalling deep problems for the economy and the stock market.

America entered depression and the stock market went into a deep freeze that lasted a quarter of a century, taking until 1954 to get back to its precrash high. Are there any parallels with today?

...This month, however, reality has hit home. “Some of it is clearly to do with the oil price but essentially what we are seeing is a slow-motion car crash,” said George Magnus, senior economic adviser at UBS.

Thanks, I'll go check it out