This is The Wall Street Digest Hotline Update for Friday, September 19, 2008, at 6:00 p.m. EST.

There is $596 trillion in derivatives debt, over $2.5 trillion in credit card debt, and $58 trillion in credit default swaps.

All of this debt is still hanging over the global financial system. The housing market is still in a downward spiral, with mortgage defaults adding to the problem everyday.

You should be 100 percent cash.

Don't be surprised if the market moves back down to test the recent lows.

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