period of deny is really long! You see the market is

really not smart. The problem is that we are not smart either (otherwuse, we are busy counting money now).

When the first round of mortage problem started April of this year, we were terrified. Then markets rebouced back nicely and we assumed "intuitively" that things are fine, as evidenced by "big rebouce of financials". Then it came down again when big banks started to write down big. If financials rebouce back again in the next couple of weeks, we will forget this problem again until bigger news comes out later (the leverage function of mortage has not started to unveil in the other way yet. The loss you see at this moment is the loss of direct money loss at the second level of leverage chain reaction).