This weekend was history in the making as far as Wall Street was concerned. America's fifth largest investment bank, Bear Stearns, collapsed... over a period of 16 days.

On Feb 29, apparently, it was trading at $80 and change. Over the last weekend, JP Morgan bought Bear Stearns at $2 a share. I don't think a company of the size of BSC was ever sold over a weekend, especially at a little over 1 percent its estimated worth.

This is *huge*! If the financial infrastructure goes down, everything else goes down...

The US Fed is trying everything it possibly can to avoid catastrophes. Over the past weekend it stepped in to tackle the Bear Stearns issue, and did something that it hasn't done ever: accept mortgage backed securities as collateral for its loan to JP Morgan.

The next few days will be very very interesting...