what a terrible day, but....

In the greater scheme of things we have made incredible progress over the last 72 hours. Chapter 11 is providing the framework for an orderely liquidation of Lehman Brothers, The Merrill Bank of America Merger took the potential of a systemic meltdown off the table, The State of New York and The Insurance Regulators are working hand in glove with AIG to see that it stays solvent.Finally, the Treasury and the Fed finally addressed the moral hazard issue. These are all pluses. At this juncture it pays to stay unemotional about things. of course, that's easy to write but not so easy to do...