Lehman and WaMu cratering

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?

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