well, here's the latest on the market from our buddies at reuters:
S&P 500 falls 5 percent, Nasdaq at session lows | Reuters: (Reuters) - The S&P 500 hit session lows and the Nasdaq fell to session lows on Thursday, as selling intensified in the last hour of trading.
The Dow Jones industrial average tumbled 469.05 points, or 4.11 percent, to 10,941.16. The Standard & Poor's 500 Index slid 57.15 points, or 4.79 percent, to 1,136.74. The Nasdaq Composite Index lost 136.40 points, or 5.43 percent, to 2,375.08.
those of us who participate in a company 401(k) plan are taking a beating, i guess. but looking at the big picture, that's just the price of admission to the casino capitalism here in the USA. it's a loser's bet anyway.
the big money always gets the big money, and since companies did away with pensions in favor of these market-based plans, it's been a bonanza for them and not so hot for us. it was always thus.
hence, i'm not feeling a lot of sorrow over the market's sorrows. this craphole of a system isn't going to get fixed until the big money boys totally bollix it up and the honest-to-gosh reformers get in there and cleanse the shit out of the stables of insatiable greed.
that is, if there's someone who's tuff enuf and smart enuf to save capitalism from itself again. this is anybody's guess -- what happened in the 1930s is far from a given now.
this entire financial system is built on a foundation of matchsticks, and it's coming down. the big money boys have been gaming the system since forever, but they really got full control of the throttle back in the 1980s, and they've been driving like hell in order to get there ever since.
here's hoping they make their destination, and the sooner the better...