The falling Dow is the least of our problems. Right now, the entire interbank lending system has frozen. No bank trusts any other bank anymore; even the biggest banks have massive exposure to bad debts. It's the economic equivalent of a heart attack - your body might be healthy, but if the heart goes, you're dead. We've got to treat the heart attack, which means nationalizing big chunks of the banking system. We've got to do this fast, or all hell will break loose in the real economy.
Then we've got to bail out Main Street instead of Wall Street - boost wages, spend on infrastructure, invest in renewable energy, etc. That's right, Big Government is the only solution. Why? Because markets aren't perfect, and sometimes fail. And if you leave things up to the market, this economy will fall off a cliff.
Check out Dr. Nouriel Roubini's blog for the best info on how we got into this mess, and how to fix it:
http://www.rgemonitor.com/blog/roubini/
(Roubini is not some fringe wacko. He's an utterly pragmatic, centrist, and highly respected economist, but unlike Wall Street's hucksters, he understands the difference between unreal, bubble capital and real investment).
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