10:02 AM, ET. Dow down 196.80 to 13,069. I did not think the shakeout from crappy loans would hit so soon or so hard. We are looking at the Dow down 1,500 points from October by the end of November.
This is not all banking folly, much of this was the (needed) revision of GM practices. In the long run, hell, even in the short run, well managed companies which sell a needed product or service will do well.
Just 10 weeks ago Bernanke, Paulson, and W were saying that the subprime mess was contained and would stay that way.
We'll get a good bounce at the end of December from all the mutual fund infusions. I wonder just how much repositioning is occurring with the fund managers right now?