Writes Pete Earle: “This humble trader finds the media attribution of the government’s resistance to bailing out Lehman, etc. to a form of prudence or wisdom laughable. My personal interpretation is far more ominous: they saved their own (Freddie & Fannie, aka Fraudie and Phonie) and with the scale of the crisis now evident, are simply keeping their powder dry; given that a number of large depository institutions are teetering, and considering the haircut that GE took yesterday, it’s evident that the credit (read: dollar) crisis will spread far beyond the financial sector.”