Markets Bomb At The Open

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Not 5 minutes in and the Dow is down 1.2% 1.6%, another little bit and we will be flirting with 7000. The S&P 500 down 1.5% over 2% and the bailout index down over 8%. Ouch. It will likely prove an interesting Friday.
Unhelpful is the news that: "The U.S. recession deepened a lot more in late 2008 than first reported, as fourth-quarter GDP was revised down to a 6.2% contraction at an annual rate from 3.8%." Nice 60%+ revision there, folks. Keep up the strong work.
GDP Shrank 6.2% in 4th Quarter, Deeper Than First Thought [The Wall Street Journal]

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