I think that we are not yet in the "so what" moment, but we have gotten a sense from the Treasury that only Fannie (FNM - commentary - Cramer's Take) and Freddie (FRE - commentary - Cramer's Take) are too big to fail.

I just wish we had an idea of the back end of IndyMac. What happens to all of those bankrupt loans? Where are they being put? Are they being sent somewhere? Does someone get to take over Indymac? How about Washington Mutual? Is Fannie or Freddie our Resolution Trust? Is anybody listening out there? Does anyone have a plan for the biggest goner of all, Citigroup (C - commentary - Cramer's Take)?

We've got an amazing train wreck going on here, and nobody's even thinking about bottom-fishing. Notice how all of the outfits and buyers of all of this junk have gone silent? Where are those buyers of Nat City and Washington Mutual? Did they disappear? Looks like they are in the same place as the stakeholders in Ambac (ABK - commentary - Cramer's Take) and MBIA (MBI - commentary - Cramer's Take)MBI. Silence. Silence. Run silent, run dead.

I marvel of the inability of this group to take us all down. I marvel that the FDIC has unlimited capital to take over the banking system because of those darned 4 million homes. I marvel that the California and Florida housing markets have the ability to wreck the whole shooting match.

But they do.

And the yawning that's going on away is a sign that either everyone knew it or no one knows it.

Can't figure out which one's right.

At the time of publication, Cramer had no positions in stocks mentioned.

After the failure of IndyMac Bancorp (IMB) and the government's pledge to backstop mortgage giants Fannie Mae (FNM) and Freddie Mac (FRE), what will be the next financial company to require federal help?
	Lehman Brothers (LEH) Washington Mutual (WM) National City (NCC) Downey Financial (DSL) Let the market sort all this out.