Financial Ground Zero Continues

• Lehman brothers Bankrupt
• 
• Lehman Bankruptcy filing can be seen here. Lists creditors and amounts. Notice CitiBank has 138Billion in exposure.
  
• China cuts lending rates.
  My Spin: China is NOT going to save the world in the near term. China cutting rates indicates they too, are slowing down. This ontop of their stock market plummetting over 50% from its high over the course of this year.
• AIG costs have doubled for insuring debt (per CNBC)
  
• AIG will recognize financial impact from Lehman failure
• National Union, an AIG company, is ordered to increase it's s bond
  
• SEC to act against short sellers. Notice SEC doesn't act on these companies lieing every single day for last 9 months to everyone that they are sound. Lets attack the people who know they where lying , and let the people responsible for leading their companies into bankruptcy.
  

Between Merrill & Lehman evaporating, in a weekend US went from "big 4" investments down to only "2" (Goldman, Morgan). That is a 50% cut in investment banks in the US. Bear Stearns went down last year, so in a year from 5 to 2. The blog world has it the Federal government "FORCED" BAC to buy Merrill. Talk about living in a socialist country! If true, Capitalism is under attack in the US.
Looks like a big down day. I was about 4 weeks early on this prediction, but it looks like its hear now. :(
Let's hope the leaders institute transparency and lead the market to rebuild confidence in this shell game going on. Unfortunately, if they haven't done it now, I wouldn't hold my breath. Sit tight on you Federal Bonds.

Additional Spin: NJ Governor on news stating need for immediate action by fed. My spin is NJ may have too much to lose as recent events. I still recommend Federal Bonds over state bonds.