The major market indexes have staggered to their lowest levels in a decade, pulled lower by investors' rapidly waning confidence.
The S&P 500 index fell to April 1997 levels Monday and the Dow sunk to October 1997 levels -- as investors succumbed to their growing worries about a recession that has no end in sight.
Downturn Of Dow
Most financial stocks were pounded even as government agencies led by the Treasury Department said they will launch a revamped bank rescue program that includes the option of increasing government ownership in financial institutions without having to pour more taxpayer money into them.
President Obama is to be congratulated. So far, he has not only undone the last eight years, but the last two years of the Clinton Administration. At this pace we will back to Franklin Delano Roosevelt in short order.