Hold on to your hats, it's a long way down. Despite my post of yesterday reporting all the good news about the market rally--you did detect a certain tongue-in-cheek quality to it, didn't you?--today the Dow plunged 733+ points, almost 8 percent, and pretty much erased the 936-point jump from yesterday. Why? Because investors are concerned about the gloomy economic indicators. Things don't look good for the future.
Does it seem to you like all the furor about the bailout happened a year ago? It's now apparent that the rescue didn't rescue much of anything. This is not really news. All those smart economists did tell us that recovery was going to take awhile, but how many Joe Six-packs out there are going to remember this? Or care? Pretty soon all this bad news is going to start squeezing people in a way they haven't been squeezed just yet. Even those who still haven't lost their houses will start losing their jobs, and when that happens, the number of truly pissed-off people in this country is going to take a quantum leap.