Tick, tick, tick, tick..
The Fed and Goldman Sachs' CEO Paulson (oops I mean US Treasury Secretary of course) are racing against the clock right now, as we speak, before Asia opens, to try to get Bear Stearns taken out - with JPMorgan being the shotgun bridegroom of the day.
If Bear flamed out without being nationalized or merged, a tsunami of counterparty risk in the derivatives market would be unleashed. And with Bear, it's in the trillions. Trillions and trillions and trillions and trillions.
Oh, what a week it will be...