First, obviously, are Fannie Mae (FNM) and Freddie Mac (FRE). We don't know what will happen, but we do know that their futures are much darker than their pasts. Their best hope: a Democrat becomes president and shows the usual love to both. But as investments, they are pretty much perma-losers going forward. The losses are that heavy. Yes, it is true that two years from now they will be better, but will the government let them limp through to that? View them as calls on a Democratic win.

First, obviously, are Fannie Mae (FNM) and Freddie Mac (FRE). We don't know what will happen, but we do know that their futures are much darker than their pasts. Their best hope: a Democrat becomes president and shows the usual love to both. But as investments, they are pretty much perma-losers going forward. The losses are that heavy. Yes, it is true that two years from now they will be better, but will the government let them limp through to that? View them as calls on a Democratic win.

We all know that Citigroup (C), Wachovia (WB), Washington Mutual (WM) and National City (NCC) are in trouble.

We all know that Citigroup (C), Wachovia (WB), Washington Mutual (WM) and National City (NCC) are in trouble.

We all know that Citigroup (C), Wachovia (WB), Washington Mutual (WM) and National City (NCC) are in trouble.

We all know that Citigroup (C), Wachovia (WB), Washington Mutual (WM) and National City (NCC) are in trouble.

Bank of America (BAC) says it isn't in trouble, but obviously the market doesn't believe management because the stock failed to rally when it said its dividend was safe

No revelation that Lehman (LEH) or Merrill's (MER) in the soup, although I do marvel that at no price do they seem interesting to anyone -- value guys, takeover guys, or acquirers in general.