This is an entry from my trading journal from Sep 15th 2008:
Well, Lehman filed over the weekend. No one wanted it without the gov’t guarantee and Fed didn’t want to backstop this time. This is a once in a lifetime event. I can’t even begin to describe the feel in the market right now. The levels that I’m seeing and the volatility are unprecedented. IG/HY/CMBX are wider by unseen before levels. I guess I picked the wrong day to quit sniffing glue.