This is what a major market crash looks like. It signals that we are in a second great depression.
Bloomberg.com reports that this is the worst year for market losses since 1937.
The Dow will stabilize at some point, but where? 5200? 2000?
Life is going to be different now. People will travel less, and have less money for luxuries and frivolity. Many will struggle to put food on the table and gas in the one family vehicle. Gardening will become the universal hobby that's more than a pastime. Prices will fall as they did in 1930-31, but most of our shopping malls will become archaeological remains just the same.
We'll probably still have television and internet, as cable companies are forced to provide service at a price people can afford.
This will last a long time.
I don't envy Obama, who can now be considered the presumptive winner of the presidential election.