Needs to be noted.

CNN’s Jeff Miron:

Talk of Armageddon, however, is ridiculous scare-mongering. If financial institutions cannot make productive loans, a profit opportunity exists for someone else. This might not happen instantly, but it will happen.

Further, the current credit freeze is likely due to Wall Street’s hope of a bailout; bankers will not sell their lousy assets for 20 cents on the dollar if the government might pay 30, 50, or 80 cents.

Indeed. It should be noted that the DOW climbed more than 200 points the day after the House failed the banking bailout.

One must be skeptical that the same folks in Congress who engineered “affordable housing” loans, and who just a few years ago were protecting Fannie Mae and Freddie Mac, saying there is no crisis, are now crying crisis and offering a massive taxpayer funded plan to save us.