I Feel a Little Depression Coming On

To coincide with a big depression.

I've just been talking to Iain about what the markets are doing, and reading whatever I can get my hands on, and I don't know what to say, really. It ain't pretty.

Financial markets took a bleak view of the future Monday, seeing contagion in a credit crisis that threatens to cascade through economies globally despite government efforts to provide relief. The Dow Jones industrials skidded more than 500 points and fell below 10,000 for the first time in four years, while the credit markets remained under strain.

Investors around the world have come to the sobering realization that the Bush administration's $700 billion rescue plan won't work quickly to unfreeze the credit markets. Global banks, hobbled by wrong-way bets on mortgage securities, remain starved for cash as credit has dried up.

That has sent stocks spiraling downward in the U.S., Europe and Asia… The selling was so extreme that only 98 stocks rose on the NYSE -- and 3,114 dropped.

The best course of action, of course, is for investors to not panic. So what is everyone doing? Panicking, naturally.

And there's nothing we can do about it. (Except try to remain calm ourselves.) Just put on your seatbelts and hold on, Shakers. It's going to be a bumpy ride.

Btw: Remember how Bush was going to be the "CEO president?" Good times.

I bet nobody in the entire world is more pissed when they look at the current value of their accounts than Al Gore.