The Dow ended up today at 9447.  It hasn't been that low in years!  Since 2004 or so to be exact.  That means that all the gains in the economy from 2004 to 2008 have now just been wiped out.  And the worst part is it isn't over yet!  Analysts are calling for the dow to drop below 9,000 now - Cramer even thinks it could go as low as 7500!  That would be a disaster for many people with retirement pensions and such.

What has basically happened since January of this year is that the economy as a whole has gone done big time.  Some sectors of the stock market have dropped more than 50%!  Some more than even 80%.  Banks are dropping like flies.  Even the real big ones like Bank of America have been trounced - they just announced that they were cutting their dividends - probably due to the weight of taking on Merrill Lynch and keeping on Michael Thane and his ridiculous salary.

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The last month or so has seen the worst of the stock market as worldwide ramifications are becoming a reality.  Bank failures overseas are happening on a daily basis.  Global recession is no longer a possibility, but more a definite result.  The question is how low can this go before it finally bottoms out?  How many billions will be lost due to deflation of the market?  And when will the fed step in and decide to lower interest rates again?  Or is it too late and are we on the verge of a depression and global meltdown?

Lawmakers need to band together and do whatever is necessary to stop this economic collapse and credit freeze.  Who wants to be seen as being behind this mess in an election year?  Yes, the senate and house of representatives (along with President George Bush) did finally all get together (after some pork barrell politics) and approve a $700 billion dollar package geared at stopping the financial crisis and saving the economy, but as you can see by todays Dow and S&P numbers there is much more that can and needs to be done.  Else we could eaqsily drift down to 7500 or even 6500 in the Dow Jones. 

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7500 was the ultimate lows of the 2002 recession and 6500 hasn't been seen since 1987!  What that means is that you would have been better off leaving your money in a non interest bearing account than having had it in the Dow Jones or S&P 500 from 2002 or even 1987 onward - that's terrible!  Hopefully this thing starts to bottom out here as it is mostly being driven by fear now.  And everything is way oversold - or is it?  The best advice here would probably be to follow Warren Buffett - he is right more often than anyone else.  Jim Cramer is like a weatherman in that he's right as much as he is wrong - (especially with his calls on Wachovia and Bob Steel) - I wonder what he would say about people that are stuck in RIMM by listening to his calls to stay in it prior to its 30% drop in less than 1 week.  Maybe Jim Cramer could learn a lot from Warren Buffett - that is probably why the US Senate calls Warren for advice on the economy and not Cramer!