I don't recall seeing so much bad news in one day's Wall Street Journal as I did this morning.

Front page Money & Investing:

Bond, Loan markets Remain Wary--Despite Fed's Efforts, Interest-Rate 'Spreads' Reflect Big Fear of Risk

'Savvy' Ventures Begin to Haunt Home Builders

Clear Channel Buyout Firms Sue Lenders as Deal Totters

Durable Goods, Home Sales Help Send Stocks Tumbling

Page 2

Schwab is Sued Over Battered Bond Fund

Northern Rock Collapse Spurs Changes

Deutsche Bank Warns of Missing Profit Mark

Meriwether Tumbles Again--the current crisis is far broader and deeper (than 2000). Despite efforts to rein in systemic risks, the Fed hasn't been able to stem investor panic and market volatility.

Prudent Bear's Approach Delivers Payoff--This is probably a once-in-a-100-year cycle. We will have to have a 40%-plus decline in the U.S. stock market, plus a massive adjustment to the U. S. economy, away from consumption towards saving and investment, resulting in massive closures of various retailers and dramatically reduced current account deficit.

Page 3

Financiers' Reps Sink With Deals

Thomas H. Lee, Bain Sue Banks to Force Clear Channel Funding

Page 4

Bear Seeks Restraints on Departed Brokers

Citigroup Settles Lawsuit Over Role in Enron Failure--Enron Creditors Recovery Corp, Enron's successor corporation, reaches a $1.66 billion agreement with Citigroup to settle a lawsuit seeking to recover billions from the bank for its alleged role in Enron's 2001 collapse

Page 5

Plunge in Indian Stocks Highlights How market Still Coupled to U.S.

Crude Jumps as Inventories Decline

Front Page:

Farm Lobby Beats Back Assault on Subsidies

Ten Days That Changed Capitalism--Officials Improvised to Rescue Markets; Will It Be Enough?

Paulson Endorses New Clout for Fed Over Securities Firms--Fight to Stabilize Economy Reshapes Wall Street Rules

Clinton: U.S. Risks Japan Disease--Clinton Fears Japan-Style Malaise

page 2

Gloom Persists as Demand Drops for Durable Goods, New Home Sales Fall

Page 4

Iraq Gains at Risk on Three Fronts,

American Cancels Flights to Inspect Aircraft

Page 6

Busy Fed Might Need to Reload--Concern Emerging on Huge Holdings of Risky Securities.

Jumbo FHA Mortgages may Have Higher Rates

Page 11

Mounting Food Shortage Faces Argentine President

Page 12

Grain Elevators Caught Between Farm Boom, Credit Crunch

KPMG Helped New Century Hide Problems, Investigator Says