On top of this, we have politicians of both parties claiming to have solutions when they don’t even know enough about the credit crisis, the dollar, the Federal Reserve, markets and complicated financial instruments to even talk intelligently about the problem or solutions.

Finally this is an election year and the only guarantee is Herbert Hoover Bush will be succeeded by presidential and congressional candidates of both parties who know nothing about business or Wall Street who have spent their careers feeding at the trough of tax revenues taken from working Americans.

Today, what should freedom loving, productive Americans do to defend their homes, retirement plans and investment security from the Wall Street establishment who have failed to provide us reasonable solutions and advice or the Washington bureaucrats who were supposed to protect us with regulatory oversight.

These are extraordinary times. I applaud Fed for not coming to the rescue of Lehman Brothers. Although Barclays were willing to salvage Lehman Bros, Fed knew that they were asking for guarantees, i.e. blank cheque from the Fed. Then there was Merrill in the line with the same begging bowl… and only God (or Fed) knows who else.

Today’s capitals Markets are quite capable of sorting themselves out. Central bankers can not bailing everyone out. So Fed’s decision was correct.

Now the blame game: sooner or later it will start. People will be pointing fingers at those responsible for these calamities. Who will the history hold responsible for all this?

Will it be Fed – for allowing easy credit in the first place? Will it be politicians for not taking actions early enough? Banks? Consumers? Or the combination of all?

- Peter