It's easy to see stock in ETE sinking... the WMB deal is a mess, and has bad implications.... but these are limited to ETE.
Not so easy to understand ETP going along for the ride. Other than guilt by association, the health of the parent should not be such a drag on the subordinate.
I'm not overly optimistic for ETP the next year or two, but I don't see the sky falling either. ETP is a major player in the oil transport industry with a long track record. It is not another Enron It will survive.