Dow Drops Another 500 Points, Closes at a 5 Year Low; TSX Drops Over 400 Points, Lowest Close Since 2005

by matttbastard

As Atrios would say, WHEEEEEEEEEEEEE!

Oh, and for us Canucks, WHEEEEEEEEE, EH!

h/t Kyle for the CNN link

Related: WaPo:

“Quite frankly, what the market is looking for is some kind of coordinated action from central banks around the world.” said Kathy Lien, director of currency research at GFT Forex. The Paulson plan, she added, is like a “Band-Aid for a problem that stretches way beyond the banking system now.”

Also see Steven Pearlstein, who says this is no longer a financial crisis but rather “a meltdown — an uncontrolled and largely uncontrollable financial chain reaction that threatens serious harm to the broader economy” and may “take most of the global economy into recession.”

In other words, we are fucked.

(Psst Uncle Steve — that includes us.)

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