You may be right but I disagree. The bounceback today shows that somebody is snapping up good deals. This sector will follow suit.
Further, things happen when it is a lot of ppl's best interest that they happen. Things tend not to happen when it is most ppl's best interest that they dont happen.
European banks made 11 billion available to help out Countrywide because it is in their best interests in the long run to do so, and it is not like the US has not helped other countries. Nobody gains financially when the US gets hurt. Besides, the whole market is only down 10%.