Based on the greed of the last decade or more, there is a meltdown in the financial markets.  The Fed has already been involved with bailouts of Bear Stearns, Indy-Mac, Freddie, Fannie, and likely dozens more if not hundreds.  Washington Mutual is in trouble, along with many other regional banks.  There are still millions of homes at risk in the pipeline and even after all the foreclosures we have already seen.