An update Sunday morning.

I wonder if Paulson was expecting to work so many weekends when he took the job.

http://online.wsj.com/article/SB122139688846233147.html?mod=hpp_us_whats_news

I’m putting the odd of some sort of government bailout aka “backstop” at around 85%. The big banks already have too much exposure to bad mortgage debt and are facing further big writedowns.

Bubblesitter