you wouldn't have seen 3 of the big 5 i-banks disappear. Things happened really fast and unexpected. I think the credit market seize up was too sudden and very few people saw it coming. It caused banks to write down assets rapidly from $1 to 80c or even 20c. A majority of these write downs are just mark to market losses. I think given time, a lot of these losses can be recouped. But not in the near term.