As the US government announced a bail out package for the mortgage giants Fannie Mae and Freddie Mac, real fears of a large bank going bust soon crept in.

With New York Times reporting trouble at Lehman Brothers that is likely to report a big write down on account of large exposure to the housing market, the blip that Fannie and Freddie caused on the stock markets has fast turned negative.

Jim Rogers, the famous investors view that a “Super Crash’ is so likely that it shakes up so many myths about the Federal Reserve and the Global markets.

None, not even the US home makers can live beyond ones means for a long time and that’s what is unfolding in the sub-prime crisis.

Expensive houses bought on cheap mortgages, strong dollar, cheap gas and plenty of food grains around afforded luxurious lifestyles.

What counted as American poverty, translated into a life well lived in Africa.

What Bob Dylan would have sung ‘times are a changing’ is here.

So much debt has been taken on to keep the financial markets afloat as well as feed the Wars in Afghanistan and Iraq coupled with high gas and food prices, value of the dollar eroding and high mortgage interests that the markets are threatened with deep recession.

With Lehman’s market capitalization shrinking from $47 billion when the stock quoted at $67.73, a 52 week high to it trading at $7.64, a 52 week low, the capitalization has shrunk to a dangerous $5.4 billion today.

Wall Streets fourth largest investment bank is in deep trouble and ripe for sale.

The fears only grow.

Is this the iceberg or only the tip of the iceberg that the financial markets are witnessing?