The Sky is Falling...

[SHANEA]

Dow Drops 500 Points
The Dow industrials dropped 504.48 points, or 4.4%, to 10917.51 as financial gaints like American International Group cratered. AIG dropped 61%; Bank of America fell 21% and Citigroup shed 15%.  4:35 p.m.

Hewlett-Packard says it plans to cut 24,600 jobs, or about 7.5% of its work force, over the next three years as part of the EDS acquisition. Full article to follow.

All information from the WSJ.

[SA Bill]

It ain't over yet....
  Bill

[SHANEA]

It ain't over yet....
  Bill

The rush is on to do something drastic and clear the balance sheets before the November elections.   Going to be a lot of market turmoil in the next few weeks.