So, the stock market has failed to deliver on its supposed bottom and the Fed is just about out of blanks, er, ammunition to shoot down the gremlins of the credit crisis. Bonds yield nothing. Commodities cracked. Real estate is reeling. What’s left? Diamonds?Art? Rare coins?br /br /The point is that just about everything is going down so where are we supposed to put our money? Even money markets are not as safe as we thought but still cash in one form or another is king. When all assets go down, cash goes up by definition so that’s where I am advising my retirees to /br /Yeah, yeah, you need a little growth and hedge against inflation. I get that. But I’d rather not get negative growth in a bear market. What’s that medical mantra? First, do no harm. Don’t lose money, something with which Warren Buffett would /br /Save the bumpy ride for /br /So, was Bear Stearns alone in the bankruptcy dance? Did anyone see the chart of Interactive Brokers (IBKR). Sure, its not exactly a CDO shop but it underscores how the whole sector stinks like a restaurant dumpster in July (or January, for you down under-ers).br /br /In closing, check out the emerging markets and BRIC ETFs today. While the Dow only gave back 3/4 of its rally, these sick pupplies are at new /br /Risk is dead. Keep it in cash.