Wall Street might just be in free fall.  Rick Perlstein got an email from a friend on Wall Street who writes,

The collapse of Wall Street will hit Main Street like Ike hit Houston.

That’s not good news, but it misses the point.  The most important question is, will Treasury and the Federal Reserve respond to the collapse of Wall Street like FEMA and DHS did to Katrina?  Because if they do, we’re completely, totally, utterly screwed.

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