When The Dancing Had To Stop

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Sorry about our slow start on the day. We've been busy this morning trying to gather up information about the who's and why's of this morning's equity crash. And, of course, trying to score twos for a pal of ours who recently got out of the hospital and has been having a rough time at work. The Dow went down 240 points after the open. That is to say, it has more or less shot down Bernanke's helicopter.
And, actually, that understates the breadth of the decline. On the New York Stock Exchange, less than four hundred stocks are up today. Decliners out-number gainers by 6:1.
There are various theories about today's plunge, almost all of them involving Citigroup in one way or another. Some say that Citigroup's Super SIV is not attracting investors, and that the entities failure could re-ignite the worst fears of a credit-market meltdown. But far more popular is the word from a CIBC analyst who says that Citi might have to cut its dividend and stop making acquisitions.
But when we call the so-called "experts" they keep asking us what we're hearing? "You got all those guys reading DealBreaker. What do you know?" one guy asked.
Fair enough. What are you hearing? Leave your ideas about today's stock market movements in comments below.

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