First, the index of leading economic indicators falls for the third time in four months in November, dropping 0.3%, and it turns out that no one wants to buy into the mega-sh$@ pile that was supposed to buy up Structured Investment Vehicles (SIVs) to prevent fire sale prices on these assets.

It turns out that no one was interested in contributing to the fund. I think that “the market” has recognized that this was an attempt to shift to cost of bad decisions from the makers of those decisions to the ordinary investor, and while Wall Street typically likes this setup, they realized that even the most naive investor was already onto the game.