UPDATED: THE MARKETS IN PERSPECTIVE: CHEAPER OIL IS MUCH MORE IMPORTANT THAN A FEW WEAK INVESTMENT BANKS

LEHMAN WENT BELLY UP.

BAD NEWS. BUT NOT CATASTROPHIC.

OIL IS WAY DOWN: Light sweet crude ($/barrel)93.64–2.07–2.16%;

At 7:59 PM ET:

Sep '08 light sweet crude futures and Dec '08 gold futures are both down in after-hours electronic trading.

Sep '08 light sweet crude futures are down $2.07, or 2.16%, at $93.64 a barrel in Nymex trading

*******UPDATE: Sep '08 light sweet crude futures are down $3.71, or 3.88%, at $92.00 a barrel in Nymex AFTER HOURS trading... STAY TUNED...

Oil is down from about 150 bucks a barrel to 94 - NOPE: NOW 92 bucks a barrel.

About 45%.

That helps more people and businesses than the Lehman collapse hurts.

IOW: Don't worry; be happy.

The Department of Treasury and the FED and the SEC AND THE MARKETS THEMSELVES will sort things out.

Meanwhile cheaper gas and oil and diesel will improve things for us all. And rather quickly, too.

You'll see...

*******UPDATE #2: AT THIS RATE, OIL COULD BE $70 BY OCTOBER 1ST!