Sounds like a rusty brake line ruptured.  Happened to me driving an old Toyota truck.  Even with the separate fluid circuits, with an open brake line you will lose fluid and the pedal will be very low.

Allan

On Mon, 14 Sep 2009 13:28 -0400, "B Feddish" <bfeddish@NETREACH.NET> wrote:
> OK, in my vans usual MO of having problems close to home....
>
> I was stopping for a light when I could of sworn I saw a puff of smoke as
> my
> brakes completely failed.  Pedal all the way to the floor. Luckily I was
> traveling up hill and stopped inches from bumper in front of me.  Luckily
> I
> just had to do a U turn into a reputable foreign car service place which
> is
> where it now sits.  The girl behind the counter, after I explained what
> happened, actually asked "Do you want to leave it here or bring it back
> Thursday?".
>
> Anyway, my real question is why did the brakes fail completly? I see
> fluid
> coming out near the firewall so why did I lose front brakes too? I
> thought
> they had advanced since my '65 beetle and had 2 chamber master cylinders.
> Or
> am I dreaming?
>
> Thanks,
> Bryan