Bankruptcy, Baby, Bankruptcy

Lost in the midst of the stunning series of events on Wall Street is the fact that the federal government seems to be wising up. Rather than bail out Lehman or Merrill Lynch, it sat stonefaced all weekend and refused to come to the rescue. Forget oil drilling. The new motto of the Feds should be "Bankruptcy, Baby, Bankruptcy". It's all a necessary part of starting to heal a very ill patient. Fear might cause some to lose a lot of their money (I should know--Bank of America is my largest holding). But investors and financial execs have to understand that it's up to them to break out of this siege. The cavalry is not coming.