By Michelle Celarier
Aren't you glad August is over? Before you think the markets have calmed down, however, it's worth remembering that the worst subprime loans - in a market greater than $500 billion - are those whose interest rates are resetting later this year and next. The biggest defaults are yet to come. Then there's the close to $300 billion in hung bridge loans clogging up bank balance sheets, stalling the return of the private equity and merger-arb bonanza.
Will Fed rate cuts help? Last month a repeat of Long Term Capital Management seemed a distinct possibility. In