So much for the bailout...

Our idea that September could be shaky seems to be on track so far.  The enthusiasm about the Fannie / Freddie bailout quickly dissipated, and Tuesday's action showed lots of technical damage.  Lehman is now hitting with a potential implosion / discount sale, again stressing the financial system.  We will see how this shakes out, but our estimate is that there is much more trouble to come.