Investment Bankers Reason Themselves Out of Prisoner's Dilemma

Discount Window "Tested".

Small signs of rational thinking emerging this week out of Wall Street with Lehman, Morgan and Goldman coming out of the closet and admitting they are "testing" Fed's discount window as an alternative venue for financing.

Positive because announcing it in sync is attempted to alleviate the stigma of going to the discount window only at an extreme distress, sending a panic signal to the market. Sucker's payoff avoided.

Here's hoping for more evidence of rational thinking creeping into the panicked herd.