If you thought shares of financial firms were collapsing  last week, just wait until U.S. markets open tomorrow morning.  Lehman, which was on the verge of collapse last week, was not able to secure a weekend deal to save itself.  Weekend long jam negotiation sessions with Barclays and Banc of America failed to bring a buyer for the 158 year old firm.  And federal officials are reluctant to rescue any more incompetent financial firms with taxpayer money, due to the public opinion revolt that resulted from previous bailouts of equally incompetent firms Bear Sterns, Fannie Mae, and Freddie Mac.


The Lehman news had a strong affect in Asian markets, with shares in Australia, Taiwan, and Singapore all down sharply.  Markets in Japan, China, Hong Kong and South Korea were closed for public holidays.  The futures reading on the Dow is predicting more then a 300 point drop when markets open.  But despite the governments advertised statement of not commiting additional tax dollars for rescue attempts, the bailouts are expected to continue in a more stealth fashion.   The federal reserve is expected to expand its lending facilities to incompetent financial firms, expanding the list of worthless securities it would accept as collateral for new government loans.