Ugly - With financial services representing roughly a third of online ad spending, what happens to the Web 2.0 trend (so dependent on advertising revenue) if said cash flow disappears? It’s probably not going to be pretty.

Uglier - Investment banks are soon going to be pouncing on each other, trying to convince the markets as to which of them is the best shorting opportunity. I wonder if their in-house hedge funds will get in on the game.

Ugliest - Freddie Mac finally has its accounting errors behind it, but now it’s facing the reality of reserves for losses. Back up…maybe they still don’t have their act in gear - a $320 million reserve on roughly 3/4 of a trillion in loans is a drop in the bucket. Still, what a way to “limit your growth.”