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Do you remember about 3 months ago when Henry Paulson said he believes the "worst is behind us"? I clearly stated that the worst is in front of us, way in front of us. In terms of credibility, Mr. Paulson's statements speaks volumes.

Today's headlines:

Telegraph - In a year's time, consumers may look back on the past 48 hours as a bit like the first few minutes after the Titanic struck the iceberg, when high-spirited passengers played snowballs unaware of the danger they were in.

U.S. Takes Over AIG, Ousts Management After Providing $85 Billion Lifeline

Lloyds TSB Said to Discuss Takeover of HBOS After Mortgage Lender Slumped

Barclays Will Buy Lehman's U.S. Investment Bank After Shunning a Takeover

Russia's Markets Halted for Second Day; Emergency Funds Fail to Stem Rout

European Stocks Rise After AIG Bailout, Led by Axa, ING; U.S. Futures Fall

Dollar Interest Rate May Stay at Seven-Year High as Credit Markets Freeze

Bush's Political Calendar Empty as McCain, Republican Lawmakers Avoid Him - Go Republicans!

New Jersey's `Wall Street West' Quakes Amid Financial Market's Travails

GM, Domino's, Novell Say Wall Street Woes May Ripple Through U.S. Economy

 Worst is behind us - Indeed!

For site subscribers, next week will be an info packed week. I will be releasing new "members only" opinion and analysis and will be revisiting the Doo Doo 32 list. I believe there's gold in them thar hills...