We are nowhere near done this credit fiasco. Alt-A mortgages, of which there are even more of than subprimes, have only begun to hit the bulk of their reset periods and from all accounts will be as painful, if not more, than the subprimes were. There are already a scary number of Alt-A's in default situations and this number will only grow in the coming months. Most Alt-A's were issued without income verification and a good percentage of these will result in foreclosures.

Washington Mutual, Wachovia, AIG and many others may not survive through the end of this year. Given the carnage that has already occured with only part of the mess dealt with, there will be a lot more casualties before we're done, especially as the effects of these failures impacts other institutions with economic shrapnel.

Hold on to your hats.