Well, the fun has just begun. How will the manderins of crime pin the blame on their hirelings? Let's see; huh, the FBI is investigating IndyMac. So, some poor slobs at IndyMac who were on to a good thing thanks to Greenspan, rating agencies, the markets, peer influence, greed, easy credit etc., are now the focus of attention. Thank God they found the culprits of all this turmoil!!

While we all watch this little soap opera, our meagre little attention spans are redirected to the kaleidescope magic of the markets. As Bill Murphy loves to say, "up is down and black is white". Oil falls, commodies languish, the financials surge, equities are up, "analyst's estimates" are beaten, JP Morgan ( with 700 to one leverage and trillions of derivatives) is suddenly on top of things, and all the rest of the good news is absolutely euphoric. What a rush! Get me in at any cost!!

I was just wondering. Who will be the scapegoats for the "discovery" of all the massive illegal naked shorting that has been one of our favorite topics.... and one that finally seems to be getting some major attention thanks to Freddie and Fannie...but only for them, mind you.

Let's see...I know....a "rogue trader" in the midst of it all at several trading houses suddenly becomes the focus of attention. If I were the trader who was involved in said trades, I would be looking for cover any time now. Ignorance of the law is no excuse , you know.