One thing I am finding interesting about the market falls across the globe is that this is the biggest drop since September 11 in many places around the world. I didn't spend much time thinking about market falls at the time, but there is a facile comparison to make about the impact of catastrophe on the world markets. In this case the stupid and corrupt mortgage industry in the U.S., the greedy public that wanted to buy McMansions and fancy cars and geegaws financed with home equity loanss but can't be bothered to save a red f'ing cent, and the corrupt and incompetent Bush administration which goaded them along to fuel an artificial boom are the catastrophe.
I really despise people who say 9-11 was about chickens coming home to roost. But this recession is that. Should have bought a house in the hood, people!