Wall Street implodes

We started the year with five big investment banks. Bear Stearns, Goldman Sachs, Merrill Lynch, Lehman Brothers and Morgan Stanley. Bear fell earlier this year. Now Merrill and Lehman have disappeared in a weekend. Only Goldman and Morgan remain.

How will the market react later today? Dow futures are off by 300 points, the dollar is weakening against the euro and we could be in for a world of hurt throughout the week.

Disclosure: At the time of writing I was long euro v dollar.