Asked about the future for Morgan Stanley and Goldman Sachs, Gartman said "I think their names will not disappear, I think they will be viable businesses."

Why in the world would he think this? Viable businesses usually don't have multiples of debt used to buy rapidly depreciating assets used to support a miniscule equity base in a hostile macro environment that has not only taken out 60% of the competition but has significantly reduced or eliminated nearly all of the revenue and value drivers of the entire

industry. Goldman and Morgan have the same assets in the same vehicles from the same trades by the same people who went to the same schools that trade in the same markets that Bear, Lehman and Merrill had.  Oh, that's right, Goldman is special. Look at the chart below. The same people trade the same products in the same products the same way to get the same results that power nearly the same stock price moves.

"We really haven't seen anything like this since 9/11, have we, nor have we seen anything like this since the Russian crisis nearly a decade ago," Gartman said. "The question really will be will we all sit back, take a deep breath, believe that daddy is here with the liquidity injections being sponsored by both Fed and treasury."

Many promoters of the concept of markets free of government intervention have criticized the emergency measures taken by the Federal Reserve to inject liquidity in the markets, notably the decision to accept shares as collateral for emergency loans, but Gartman said they were justified.