OK, so we all know the big news this morning in Lehman, Merrill Lynch, and I'll leave that to those that can dedicate their lives to reporting you the details.  However, I'd like to touch on something that's been bothering me about this market recently.

During the last bear market in 01-03, the word "capitulation" was thrown about as a regular part of the day's vernacular.  I think the empty suits were about a year early when they began "predicting" capitulation, but eventually it happened to a certain extent.  I think it was in July of 2002 because it was really a time where stocks were already very depressed and the selling was dramatic in the afternoon session.  Mind you, the lows were retested in October of that year, but not in what I considered nearly as dramatic.  So my mild concern here is that no one is calling any of the recent events signs of capitulation.  Personally, I'll trade what I see and snap up long term holdings at depressed prices, but I'm very surprised that we're not hearing more of capitulation.  Who knows, maybe I'm too early in "predicting" the suits "predicting" capitulation.