Who's Next to Fail?

Despite all the Fed's promises to bail out every bank in America, rampant speculation about the next financial institution to fail continues.  The April 10 puts in Lehman have changed hands 15,000 times today and are currently 1.85 bid.  The price of volatility doesn't seem to matter, investors will pay anything to hedge their brokerage exposure.  Exchange stocks are getting pasted today as well (CME, NYX etc.)  Perhaps investors are thinking that no one will be left to trade if all the BD's fail?  Commodities, with the exception of gold are also taking it in the chin.  Maybe investors are selling liquid assets to get long cash?  Despite all of this, President Bush made another statement this morning claiming that our economy was strong.  He supported the Fed's actions and stated that capital markets are working efficiently.  Makes me wonder if the guy paid attention in his Macro class during business school.  You can't claim that capital markets are working efficiently if the Government is bailing out our banking system!  As a very astute friend of mine asked me today while we were discussing the state of the markets:  Who's going to bail out the Fed?