These are scary times we’re in. The takeover of Fannie and Freddie over the weekend only caused a one day pop in the stock market. Today, all those gains and more were reversed.
Lehman Brothers was down a whopping 44% to $7.79 while Washington Mutual lost 20%, closing at a mere $3.30.
Yeah, I own puts on financials so I make money if they drop. But there’s so much bad news – and just how many rescues can the government do before it has to be rescued?