Relax all is well.......

1. S+P put Lehman Brothers and Goldman on credit watch negative.

2. There is talks about massive buying of mortgage back securities on both side of the Atlantic
http://www.ft.com/cms/s/0/a233faa2-f789-11dc-ac40-000077b07658.html?nclick_check=1
The above links to an article at the FT Times.com. I don't know if you need a subscription or not.

3. Congress is looking into the purchase (theft?) of Bear Stearns by J.P. Morgan. Congress has some small concerns as if the sale was legal, and why the Fed is putting tax dollars in Jeopardy.

4. Look for a new wave of problems with regional banks due to smaller builders going out of business.

Things are peachy!! Sell your gold now and get dollars!!! (That was sarcasm in case you were wondering)

Seriously, even though the Cult of CNBC swears all is swell now that the Fed is on the job, what about the consumer? Is he going to start spending again? Is he de-leveraged? But why should we care about things like this when the market can go up 300 or 400 points a day?