There is just too much information happening now to make complete sense of what is going on in the financial markets. I don't think anyone has a complete handle on what is happening. So we are seeing panic selling. I think one thing can be said for sure. The credit default swap market is dead and gone. This was a cheap way for financial institutions to load up on risk and then off-load it under the guise that losses were insured. It skewered institutions' judgment and rendered risk management a farce. I am no insurance expert but it seems to me insurance is only as good as the insurer, and we have found out that the insurers are not that good. This, ultimately, is good for the market. Institutions that take risks should bear that risk. This leads to reasonable risk and appropriate spreads. Risk is good. Eventually proper risk management will return to the market, hopefully before it is too late.