Market Futures are selling off again back down over 550 points, eom.

So it really hasn't dropped a dime yet, and it certainly hasn't fallen more than earlier reported.

n/t

Don't follow it much do you?

...futures were down 378 points, so that's probably close to where the market will open.

I can only assume that is what they meant.

are giving up gains too.

Having a Fed meeting, with a guaranteed rate cut coming up next week, the emergency rate cut today is a bad move. It gives the impression of no confidence in the market, further panicking people and possibly increasing the damage.

And frankly if they cut rates today and next week, we're going to see some serious inflation taking off, thus putting a serious dampener on consumer purchases.

This was exactly the wrong move at the wrong time, and I think that it will only exacerbate the problem, not fix it.

last night it scared them. If this doesn't work, we'll see if that PPT can do anything or not.

for Bank of America and Wachoiva, that won't help as well.

And sadly this administration is making all the wrong moves. An $800 tax rebate per person isn't going to stimulate anything since the vast majority of people will use that money to pay off their debt(and not much at that). Thus little consumer stimulus there. But it will add another $150 billion to the US debt, making it even harder for us to recover or even maneuver.

Bernanke is on this rate cutting kick, thinking that he can cut his way out of this mess like the Japanese did, but the fact of the matter is that the Japanese economy was on a lot sounder footing than the US is when they started their cuts, especially in terms of inflation. The cuts last year have indeed helped boost the inflation rate we're experiencing now, and further cuts will only lead to more.

Besides, with people already maxxed out in terms of debt, do they honestly think that we'll take on anymore even with super low interest rates? No, for most people this is a time of recovery and consolidation, getting back on their feet and trying not to slide down any further. Those big screen TV's and Hummers are going to have to wait for a while, a long while.

But sadly, this administration, this government isn't really geared towards benefiting the ordinary person, but is instead geared towards the corporate well being. Yet they haven't learned an important lesson, if the ordinary person can't make enough money to buy your product, then you too are screwed.

Our economy has become increasingly volatile over the past twenty years, as we've devolved from a manufacturing economy to a service economy. Without a sound manufacturing base, we lack a critical part of any sound economic foundation. Thus we are open to being blown and buffeted by any economic wind that comes along. Look like this one's going to be a tornado. Batten down and prepare as best you can.

stupid move which will not help anything. Another huge worry, have you been following about the possible default of some big bond insurers? They may not be able to come up with the financial capital to cover the potential losses they are facing. They are looking at Ambac Financial Group and MBIA's insurance business. ACA Financial Guaranty Corp is already asking for more time to scramble to unwind more than $60 billion of insurance contracts it sold to financial firms it can't fully pay off.

That is rather scary. What are they going to do to head that off? Cramer says they should use the $150 billion they are talking about in the tax breaks and instead the government buy these firms and pay 50 cents on the dollar instead of the people getting 0 cents on the dollar if they default.

Not good.