The Fed rate cut this week came from and emergency meeting when the Dow futures were down almost 500 points. The rate cut came just in the nick of time stemming a stock market crash…or so we’re told.

“Rob, did you say “stock market crash”?

Yes…at least that was how it was reported in the media… a crash as bad as Black Monday two decades ago…and we were 60 minutes away. Tick- Tock…

Yesterday Merrill Lynch announced it’s first quarterly loss in 6 years with the excuse their subprime mortgage exposure cost them $7.9 Billion, $3 Billion more than expected - marking Merrill’s gut-punch as the “Worst Hit” taken by a financial company from the subprime mortgage meltdown.

Remember this date: August 3rd, 2007. This is the day Jim Cramer melted down right along with the subprime home mortgage market and Bear Stearns. I wrote an article about a month ago on the Bear Stearns implosion due to subprime home mortgage exposure, forecasting their demise, and here it is.