Note to self: invest in posh prison builders for all the Wall Street execs whose heads will roll.
Paulson was clearly worried about your point Mike.
From the TARP
“Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency”
http://www.thomasnogales.com/emails/2008-10.htm

Mike have you considered the possible upside? (sure you have)
- Concerted international efforts bring deluge of cheap money looking for a home.
- While Q3 earnings may be low, the consumer is fickle and with stories changing from doom and gloom to a rosy staving of calamity, they will again consume. That is what they are programmed to do and not doing it causes them pain. The market being forward looking starts to price this in.
- Fear has peaked, all new time high on the VIX at 58.24.
- Even if market drops further a decent short term bounce should see surpass current levels.

What probability do you or others place on us being at or near a bottom? I'm fence sitting and see this as an even money point, but today took a short term long position.