Unbelievable numbers today! Even as the media and the central governments of the G7 nations struggle to pretend the banking crisis has been contained and all is well, out comes the news that the Fed's new, fancy window for handing out massive loans to banks in exchange for crummy, worthless CDOs! A whopping $225 billion worth! WOW. And the debt markets are still flashing red in the US and now, in Europe. The housing collapse has crossed the Atlantic. And now the bankers are launching a NEW risk-remover: a central clearing house for derivatives? HAHAHA. They think this will be the way to deal with the $500+ trillion Beast? I doubt this. Very much.