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One thing of note - The Fed's attempts to prop up the market should help most banks, but the issue is that the bank's problems are that of solvency and not liquidity. Liquidity problems have popped up, but they are a consequence of the market being fearful of insolvency. The Fed has created a limited backstop against general liquidity issues, but if there is another run on the bank the Fed will not be able to afford to stop it. Even if they could, they can't stop all of them by supplying money. If there is a run on the bank, Lehman is next in line. I mention this because if you really read my pieces - Banks, Brokers, & Bullsh1+ part 1 and Banks, Brokers, & Bullsh1+ part 2 you should walk away appreciating the risk between large private investors and the I Banks. The I banks are starving for liquidity to balm their solvency issues, so if they get money from the Fed you can bet your booty that they will not be lending it back out (I was told that the banks were told by the Fed to allow their clients to borrow through them to the Fed window, but seeing is believing). They will also be very jittery about collateral and credit risks, which means more margin calls. The calls will be devastating. That means that if or when banks start calling in collateral, the crash just may occur in the hedge fund/private institutional investor arena before the actual I bank arena. I that happens, the collateral will devalue futher as deleveraging occurs, and it will put a liquidity strain on the I banks again as they bang against the Fed's lending facility. I can't guarantee this will happen, but it is a distinct possibility.