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My reasons for stock meltdown:
1. B.H.Obama wants to increase capital gains tax. That caused selling to lock in lower taxes in 2008.
2. Hedge funds, Wall Street bankers and speculators were heavily leveraged.
As market went down they were forced to sell due to margin calls.
3. Banks can't lend because they need 10% reserves to lend.
No one can define what their reserves are worth since lot of it is sub-prime junk.

...and Media Induced Panic 24/7 of those "saving" ( I know a foreign word to some ) for retirement etc who hold investments (the company takes care of it for me scenario) are ignorant to what they have, variations of investments, how the market even works, its history; and many talking heads reporting on the market are not responsible "talk" economic thinkers; but are just joining in on any and all useless chatter. One well known radio talking head today was suggesting buying bulk foods just in case....huh? All this causes the public to lose faith in Government Involvement In Our Lives!!! unless of course you are a community activist/organizer working in a segment of society where "service oriented jobs" are your livlihood and you've been kept down by the "evil corporations" & the denounced "whitey in charge", so you don't really care what happens to the successful in America.

But this fear might come back to bite any popularity of "Bigger Government and More Taxes". Not a good time to be in training!

One little silver lining might be when Oil prices go down, Iran's "Ahmadinnerjacket" and Chavez are in need of more personal security! and the Russians ... We can only smile about that! ;)