Wall Street Lays an Egg. Panic selling reached a crescendo today. Ticker tapes ran hours late. Rumors of suicides are rampant. The Dow Jones Industrial Average has lost 12% today alone, following yesterday's 13% drop.
Margin Calls: The crash was fueled by leverage. Brokers are liquidating positions indiscriminately as investors fail to meet margin calls. The savings of a generation have evaporated.
The Economy: While politicians promise that 'prosperity is just around the corner', the destruction of wealth is likely to lead to a severe contraction in consumer spending and investment. The shadow of Depression looms.